Future Group cos shares surge up to nearly 10 pc

By: |
March 22, 2021 6:07 PM

A division bench of Chief Justice D N Patel and Justice Jasmeet Singh also issued notice to Amazon on Future Group's appeal challenging the single judge's March 18 judgment on the deal by which all the objections raised by them were rejected.

Also, Future Market Networks Ltd increased 4.98 per cent to Rs 15.8, while Future Lifestyle Fashions Ltd was up 6.86 per cent to Rs 69.3.

Shares of Future Group closed with gains of up to nearly 10 per cent on Monday after the Delhi High Court stayed a single judge’s order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was objected by US-based e-commerce giant Amazon.

A division bench of Chief Justice D N Patel and Justice Jasmeet Singh also issued notice to Amazon on Future Group’s appeal challenging the single judge’s March 18 judgment on the deal by which all the objections raised by them were rejected.

On BSE, FRL shares jumped by 6.27 per cent to Rs 59.35 and Future Enterprises rose 9.92 per cent to Rs 9.53.
Also, Future Market Networks Ltd increased 4.98 per cent to Rs 15.8, while Future Lifestyle Fashions Ltd was up 6.86 per cent to Rs 69.3.

Future Consumer Ltd shares surged 9.97 per cent to Rs 7.06 apiece. Besides, Future Supply Chain Solutions Ltd rose 4.45 per cent to Rs 83.35. we hereby stay the order of the single judge dated March 18, 2021 till the next date of hearing, the bench said and listed the matter for further hearing on April 30.

The court also stayed the single judge order asking for attachment of assets of Future Group’s Kishore Biyani and others and directing them to appear in the court on April 28.

The single judge’s order had come on Amazon’s plea seeking direction to order enforcement of the award by Singapore’s Emergency Arbitrator’s on October 25, 2020, restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail.

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