Shares of Future group companies, on Friday, were locked in their respective lower circuit, with no buyers seen on the counters, after the Delhi High Court upheld the Emergency Award passed against the $3.4-billion Future-Reliance deal.
Future Retail (Rs 55.85), Future Lifestyle Fashions (Rs 64.85), Future Enterprises (Rs 8.60), and Future Consumer (Rs 6.42) were locked in 10 per cent lower circuit, while Future Supply Chain Solutions (Rs 79.80) and Future Market Networks (Rs 15.05) were frozen in 5 per cent lower circuit on the BSE. In comparison, the S&P BSE Sensex was down 0.26 per cent at 49,088 points, at 10:31 am. The stock of Future Retail hit a record low, falling below its previous low of Rs 60.80, touched on Thursday, March 18.
The court, on Thursday, held that Future Retail, Future Coupons (the promoter entity of Future Retail), founder and owner Kishore Biyani and others violated the Emergency Award. Issuing a show-cause notice to Biyani and others, it asked why they should not be detained in civil prison, according law platform Bar & Bench. Directing the attachment of Biyani's assets, the court ordered the filing of an affidavit describing his assets, Business Standard reported.
Jeff Bezos-led Amazon is locked in legal disputes with Biyani-headed Future. It has alleged that the retail conglomerate violated an agreement with the American e-commerce firm by agreeing to sell its assets to Mukesh Ambani-owned Reliance Industries last year. Future has denied any wrongdoing. CLICK HERE TO READ FULL REPORT
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