Future Group stocks bounce back; rally as much as 14 pc
PTI, Jan 6, 2022, 11:50 AM IST
New Delhi: Shares of Future Group of companies on Thursday bounced back, rallying as much as 14 per cent, a day after the Delhi High Court stayed the Amazon-Future arbitration.
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.
It also stayed a single judge’s January 4 order dismissing the Future Group’s two pleas seeking a direction to the arbitration tribunal to decide on its application for terminating the arbitration proceedings before moving further.
The tribunal is adjudicating Amazon’s objections to Future Retail’s deal with Reliance.
The stock of Future Lifestyle Fashions Ltd zoomed 13.81 per cent, Future Supply Chain Solutions Ltd rallied 9.52 per cent, Future Consumer Ltd gained 9.33 per cent, Future Retail Ltd jumped 8.58 per cent and Future Enterprises Ltd went up by 8.24 per cent on the BSE.
Shares of Future Group of companies had declined as much as 4 per cent on Wednesday.
A bench of Chief Justice D N Patel and Justice Jyoti Singh said there is a prima facie case in favour of appellants Future Retail Ltd and Future Coupons Pvt Ltd and if a stay is not granted, it will cause an irreparable loss to them.
”Looking into the order passed by the Competition Commission of India on December 17, 2021, by which the approval (for deal with Future Group) granted on November 28, 2019, was kept in abeyance and showed there was a suppression of facts by the respondents (Amazon), there is a prima facie case in favour of appellants.
”If a stay is not granted, it will cause irreparable loss to these appellants,” the bench said.
The court said much has been argued by both sides like a final hearing on the appeals and all these grounds will be dealt with on February 1, including the issue of maintainability.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
CBDT allows tax officials to waive or reduce interest due from assessee
Markets fall in early trade amid unabated foreign fund outflows
New software for fast-tracking project approvals: Karnataka Minister Patil
In-flight passengers can access WiFi services only when allowed, say new rules
SEBI mulls separation of non-regulated activities; ‘cross-default’ definition for debenture trustees
MUST WATCH
Latest Additions
Davanagere: Man murdered by relative for insurance money; 4 arrested within 24 hours
Heroin worth Rs 3.5 crore recovered in police raid in Delhi, 2 arrested
Govt clerk found dead in Tahsildar’s chamber, FIR filed against minister’s PA, 2 others
Treated Muslims like fuel for ‘lantern’: Prashant Kishor targets Lalu, asks upper castes to stay away from Nitish
MP Brijesh Chowta urges Kerala CM for strict action against attack on Edneer Swamiji’s vehicle
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.