The National Company Law Tribunal (NCLT) on Monday put the Kishore Biyani-led Future Group firm Future Retail’s meeting of its shareholders on hold.

The development comes after Future Retail Limited (FRL) approached NCLT to reschedule the shareholder meeting, which was initially scheduled for November 11, to around November 26.

Amazon objected to the shareholders’ meeting citing ongoing legal proceedings. The two entities have been engaged in a legal tussle since October 2020 with Amazon approaching multiple courts objecting to a deal between Future Retail and Reliance Retail in 2019.

The e-commerce giant Amazon wants to block the sale of Future Group's retail, wholesale, and logistics business to Reliance Industries Limited for Rs 24,713 crore for allegedly breaking contracts.

NCLT has put the nod to the Future Retail shareholders meeting on hold until the next hearing.

Earlier in September, the tribunal had allowed Future Group firms to hold meetings of its shareholders and creditors to seek approval for the sale of assets to Reliance Retail Limited.

According to sources cited by news agency PTI, a Mumbai-based two-member NCLT bench comprising Suchitra Kanuparthi and Chandra Bhan Singh had then dismissed the application filed by Amazon opposing the scheme of merger of the Future group companies.

Amazon had filed an application objecting to NCLT considering the scheme pending completion of its arbitration proceedings against Future Retail.

The tribunal had dismissed Amazon's application on the ground that it was premature, they said.

(With PTI inputs)

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(Edited by : Kanishka Sarkar)