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Future Retail Hits 5pc Lower After SIAC Rejects Plea
Future Retail Hits 5pc Lower After SIAC Rejects Plea

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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