The standoff between ecommerce behemoth Amazon and Future Retail Limited (FRL) is far from over. In an escalation of hostilities, FRL said on Friday (April 15) that the meeting of its shareholders scheduled for next week is in accordance with National Company Law Tribunal directives (NCLT).
"The said order has been issued by the NCLT, after considering all the facts and information submitted by the parties and specific objections filed by Amazon.Com NV Investment Holdings LLC via an intervening application and the order dated 15th February 2022 issued by Supreme Court on the same subject matter," FRL said in a regulatory filing. If any shareholder is restricted due to a contractual obligation, the meeting proceedings are unaffected: The Future Group. Future Group's shareholders will meet on April 20 and 21 to vote on whether to approve the INR 24,713 Cr sale to RIL. Amazon issued a veiled threat a few days ago, warning Future Retail not to hold the "illegal" meetings.