New Delhi: Shares of Future Group companies rose nearly 14 per cent on Thursday, a day after the Delhi High Court stayed the Amazon-Future arbitration.
According to a PTI report, Future Lifestyle Fashion gained 13.81 per cent, Future Supply Chain Solutions 9.52 per cent, Future Consumer 9.33 per cent, Future Retail 8.58 per cent and Future Enterprises up 8.24 per cent. on BSE.
Shares of Future Group of companies were down up to 4 per cent on Wednesday after the Delhi High Court stayed the ongoing Amazon-Future arbitration before a three-member arbitral tribunal on the Rs 24,500-crore deal with Reliance.
Read also | Sensex rises 700 points, Nifty trades below 17,700; Major Indexes in Red
It also stayed the January 4 order of the single judge, which had dismissed two petitions by Future Group, seeking a direction to the arbitration tribunal to decide on its application to quash the arbitration proceedings before proceeding further. was demanded to be given. The tribunal is ruling on Amazon’s objections to Future Retail’s deal with Reliance.
A bench of Chief Justice DN Patel and Justice Jyoti Singh said that the appellant is a prima facie case in favor of Future Retail and Future Coupons and if the stay is not granted, it will cause irreparable harm to them.
“In view of the order passed by Competition Commission of India dated 17th December, 2021, whereby the approval granted (for the deal with Future Group) dated 28th November, 2019 was stayed and showed that there was suppression of facts Was. Respondents (Amazon), there is a prima facie case in favor of the appellants. If stay is not granted, it will cause irreparable loss to these appellants,” the bench said.
The court said both the sides have argued much like the final hearing on the appeals and that all these grounds will be settled on February 1, including the issue of maintenance.
,