Future group firms have received the green signal from the National Company Law Tribunal to convene the meetings of their shareholders and creditors to vote on Future’s Rs 24,713 crore deal with Reliance Retail.

In a regulatory filing, Future Retail Limited (FRL) said the Mumbai bench of the NCLT had allowed the firm and other Future Group entities to convene their meetings to seek approval of the deal. Amazon, which is contesting the transaction between Kishore Biyani and Reliance, had moved the tribunal against the meetings.

The Future group had said it wanted to convene the meetings to save time amid the long drawn out legal battle with Amazon. Last week, FRL said it wanted to hold the meetings by the middle of April.

“The NCLT has today, in terms of the Supreme Court judgment dated February 15, 2022, passed an order allowing the company and other applicant companies to convene and conduct the meetings of its respective shareholders and creditors to seek their approval for the scheme,’’ FRL said in the filing.

It added that the order was pronounced in open court and a written copy is awaited.

“The schedule of the meetings of shareholders and creditors will be intimated in due course of time,” it added.

FRL and other Future group companies on November 8, 2021 filed an application seeking further direction for the revised dates of the meetings under the composite scheme of arrangement between the company, other Future Group firms and Reliance entities.

Earlier, various Future group companies such as FRL, Future Consumer, Future Enterprises, Future Lifestyle Fashions had deferred these meetings after the tribunal said that no meeting will be held until a final order is pronounced on the applications.

Though the Future group can now hold the meetings and secure the approvals, it will still be subject to the ruling of the Supreme Court which is hearing the dispute, Future group shares held firm on Tuesday. The FRL share gained 7.10 per cent to Rs 49.05, Future Enterprises shot up 16.52 per cent, while Future Consumer rose 5 per cent.