The National Company Law Tribunal’s (NCLT) Mumbai bench on Monday stayed an extraordinary general meeting (EGM) convened by Future Retail (FRL) to approve its merger with Reliance Industries (RIL). The tribunal, which heard the case on Monday, stated that FRL cannot hold shareholder meetings, even temporary ones, till it pronounces a detailed verdict.
Earlier, FRL had informed the market regulator that it intended to start the e-voting, which would continue till November 9, and then declare the results the next day. The EGM was to be held following an NCLT directive, which asked FRL to take shareholders’ approval for the transaction with Reliance Retail, a subsidiary of RIL.
