Shares of Future Retail declined near 5 per cent to Rs 86.95 on the National Stock Exchange (NSE) after the Court of Singapore International Arbitration Centre (SIAC) turned down a petition by the company to be excluded from being a party to the Amazon-Future Coupons' arbitration proceedings.
Earlier in October, a single-judge bench of V K Rajah had given an interim arbitration award, barring Future Retail from taking any step to dispose of or encumber its assets or issuing any securities to secure any funding from a restricted party.
According to the media report, Future Retail had approached the Court of Singapore International Arbitration Centre saying the arbitration proceedings were part of a contract which the company is not a party. After this news report, the stock hit a lower circuit at the stock exchanges. As per their contract, Future Group was restricted to sell off or transfer its assets to the third party without their consent.
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