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Future Group-Amazon: Delhi High Court stays arbitration proceedings before Singapore tribunal

Future Group-Amazon: Delhi High Court stays arbitration proceedings before Singapore tribunal

Shares of Future Group recovered amid a market fall on Thursday after the Delhi High Court delayed the Amazon-Future arbitration over the appeals filed by Future Retail and its promoters.

While Future Retail rose as much as 8.5 percent, Future Consumer was up 9.3 percent. Future Lifestyle gained as much as 13.8 percent and Future Enterprises Ltd was up 9.9 percent. Future Supply Chain Solutions Ltd was trading 9.5 percent higher as well on Thursday.

Future Consumer, Future Retail, and Future Enterprises shares are trading higher than 5, 20, 50, 100 and 200-day moving averages while Future Lifestyle stock is trading higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages.

The Delhi High Court on Wednesday stayed the Amazon-Future arbitration which is going on before a three-member arbitral tribunal over the latter's Rs 24,500-crore deal with Reliance Industries Ltd.

The high court also stayed a single judge's January 4 order that had dismissed the Future Group's two pleas seeking a direction to the arbitration tribunal, adjudicating Amazon's objections against the former's deal with Reliance, to decide on its application for terminating the arbitration proceedings before moving further.

Amazon and Future have been locked in a bitter legal tussle after the US e-commerce giant dragged Future Group to arbitration at the Singapore International Arbitration Centre in October 2020. Amazon argued that FRL had violated their contract by entering into the deal for the sale of its assets to billionaire Mukesh Ambani's Reliance Retail on a slump sale basis for Rs 24,500 crore.

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