Singapore panel says Future Retail must be part of arbitration, shares fall

Future Lifestyle Fashions

21/10/2021 06:12

** Shares of India's Future Group firms Future Consumer
 FTRE.NS , Future Lifestyle Fashions  FLFL.NS , Future
Enterprises  FURE.NS  and Future Retail  FRTL.NS  fall as much
as between 4.6% and 8.46%
    ** A Singapore arbitration panel ruled on Wednesday retailer
must take part in arbitration over commercial dispute with
Amazon.com Inc  AMZN.O , rejecting Indian retailer's bid to
avoid process  urn:newsml:reuters.com:*:nL4N2RG364
    ** Amazon is trying to block Future's $3.4 bln sale of its
retail assets to Indian market leader Reliance Industries,
accusing it of breaking contracts
    ** In a statement on Thursday, Future Retail said it would
"decide on its future course of action based on legal advise and
available remedies in law"
    ** As of last close, shares of group companies are down
between 11.76% and 31.9% so far this year 

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com))