Shares of Future Group companies tumbled again on Tuesday on increasing concerns that the group faces bankruptcy risk, despite a surge in benchmark indices and broader Asian stocks trading higher.
Amazon Inc. and Future Retail Ltd. (FRL) agreed to appear before the Singapore Arbitration Tribunal, even as the long-running and bitter legal battle and the resultant accusing-and-the retort continue.
The valuation of the top 10 Indian companies by market capitalisation jumped by over 2.7 lakh crore this week; tracking buoyed domestic bourses and an increase in risk appetite globally.
Talks between Amazon.com Inc and Future Retail aimed at resolving a long-running dispute over whether Future's retail assets can be sold to Reliance Industries (RIL) have failed, lawyers for the companies told the Supreme Court on Tuesday. Both Amazon and Future said they would like to resume arbitration proceedings in Singapore that had been put on hold by the Delhi High Court. The top court will hear the matter on Wednesday. Amazon has also accused Future Retail and RIL of "fraud". In a notice published in the newspapers, Amazon warned the founders of Future Retail that any effort to transfer its assets to RIL would be liable for civil and criminal consequences.
Employees' Provident Fund Organisation (EPFO) has reduced interest rates to the lowest in more than 40 years for the current financial year. On Saturday, the retirement fund body had decided to reduce the interest on provident fund (PF) deposits for 2021-22 to 8.1 per cent from 8.5 per cent in the previous fiscal, 2020-21.