Shares of all Future Group companies fell almost 4 percent during early trade on Wednesday on the BSE after the Delhi High Court on Tuesday dismissed Kishore Biyani-led Future Group’s petition seeking to quash the arbitration proceedings initiated by Amazon in Singapore.

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While Future Retail, the largest group stock in terms of market capitalisation, was down close to 4 percent, Future Consumer Ltd fell 3.47 percent, Future Enterprises Ltd (down 3.94 percent), Future Lifestyle Fashions Ltd (down 3.82 percent), and Future Supply Chain Solutions Ltd fell 3.70 percent.

Singapore tribunal had on December 30, 2021, refused to consider the Future Group's request for terminating the arbitration proceedings before the commencement of the final hearing this week.

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Delhi HC dismisses petition filed by Future seeking termination of arbitration proceedings in Singapore

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.

In August 2020, the Future Group had announced a Rs 24,713-crore deal for the sale of the retail and wholesale business and the logistics and warehousing segment to Reliance Retail Ventures Ltd, a subsidiary of Reliance Industries Ltd.

Also Read: Future Retail’s lenders ask RBI for an extension on NPA tag

The Competition Commission of India (CCI) suspended its approval of Amazon’s deal with Future Coupons on December 18 and asked the US-major to provide additional documentation.

The CCI fined the US giant Rs 200 crores for allegedly making “false and incorrect statements" when seeking permission for the deal with Future Coupons.

Currently, the matter is in dispute before the Supreme Court and the Singapore International Arbitration Centre (SIAC). Reliance Retail Ventures had for the second time extended the timeline for completing its Rs 24,713-crore deal with Future group to March 31, 2022, as it still awaits regulatory and judicial clearances.

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