New Delhi:
Shares of Future Group of companies rebounded Thursday, rising as much as 14 percent, a day after the Delhi Supreme Court postponed the Amazon-Future arbitration.
The Delhi Supreme Court on Wednesday suspended Amazon-Future arbitration pending before a three-member arbitration tribunal over its Rs 24,500 crore deal with Reliance.
It also suspended a January 4 stand-alone judge’s order dismissing the Future Group’s two pleas to request the arbitral tribunal for a decision on its request to close the arbitration proceedings, before moving forward.
The tribunal assesses Amazon’s objections to Future Retail’s deal with Reliance.
Shares of Future Lifestyle Fashions Ltd zoomed 13.81 percent, Future Supply Chain Solutions Ltd rose 9.52 percent, Future Consumer Ltd gained 9.33 percent, Future Retail Ltd rose 8.58 percent and Future Enterprises Ltd rose 8.24 percent on the BSE.
Shares of Future Group of companies were down a whopping 4 percent on Wednesday.
A court of Chief Justice DN Patel and Justice Jyoti Singh said there is a prima facie case in favor of the Appellants Future Retail Ltd and Future Coupons Pvt Ltd and if a stay is not granted it will cause irreparable loss to them.
“Looking at the injunction passed by the Competition Commission of India on December 17, 2021, suspending approval (for a deal with Future Group) granted on November 28, 2019, showing that facts by the defendants (Amazon) , there is a prima facie case in favor of the appellants.
“Failure to grant a reprieve will cause irreparable harm to these applicants,” the bank said.
The court said much has been argued by both sides, such as a final hearing on the appeals, and all of these grounds will be heard on Feb. 1, including the issue of maintainability.
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