38.6c New Delhi, India, Friday, March 29, 2024
Business

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

By Dolly Chhabda      10 January, 2022 02:18 PM      0 Comments
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.



Share this article:



Leave a feedback about this
TRENDING NEWS

arvind-kejriwals-plea-for-interim-release-rejected-by-delhi-high-court
Trending Judiciary
Arvind Kejriwal's plea for interim release rejected by Delhi High Court [Read Order]

Delhi High Court rejects Arvind Kejriwal's plea for interim release in money laundering case related to liquor policy scam, pending ED's response.

28 March, 2024 10:50 AM
youtuber-strings-plea-against-youtube-accounts-suspension-andhra-pradesh-hc-issues-notice-to-centre-google
Trending Top Stories
BREAKING: Youtuber String’s plea against Youtube accounts suspension: Andhra Pradesh HC issues notice to Centre, Google

Andhra Pradesh High Court issues notice to the Centre and Google LLC on Youtube journalist String’s plea against suspension of its accounts by Google (which owns Youtube).

28 March, 2024 11:26 AM

TOP STORIES

delhi-liquor-scam-court-remands-arvind-kejriwal-to-ed-custody-till-march-28-read-remand-application
Trending Judiciary
Delhi liquor scam: Court remands Arvind Kejriwal to ED custody till March 28 [Read Order]

Delhi liquor scam: Arvind Kejriwal remanded to ED custody till March 28. Court grants agency permission for interrogation in liquor policy case.

23 March, 2024 11:53 AM
sc-dismisses-centres-plea-for-review-of-judgment-directing-ed-to-furnish-written-grounds-of-arrest-to-pmla-accused
Trending Judiciary
SC dismisses Centre’s plea for review of judgment directing ED to furnish written grounds of arrest to PMLA accused [Read Order]

Supreme Court dismisses Centre's plea, upholds judgment mandating Enforcement Directorate to provide written grounds of arrest in PMLA cases.

23 March, 2024 03:14 PM
kerala-hc-to-hear-lesbian-couples-plea-against-forced-conversion-therapy-on-april-9
Trending Judiciary
Kerala HC to hear lesbian couple’s plea against forced conversion therapy on April 9

Kerala HC will hear a lesbian couple’s plea highlighting that one of them was subjected to forced conversion therapy.

23 March, 2024 03:30 PM
how-can-people-be-compelled-to-vote-madras-hc-asks
Trending Judiciary
“How can people be compelled to vote? Madras HC asks

“How can people be compelled to vote?”, the Madras HC queried in a plea asking employers in Tamil Nadu to demand proof from employees of having voted on polling day.

23 March, 2024 05:04 PM

ADVERTISEMENT


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email