Fabindia-Biome row now in arbitration

The founders of personal care company Biome Life Sciences India Pvt. Ltd on Wednesday told the Delhi high court that they were withdrawing their petition against parent Fabindia Ltd over share valuations.

- Krishna Yadav & Soumya Gupta

Appearing before justice Jasmeet Singh, the legal team for founders Shantanu Jain and Sania Arora Jain said they were withdrawing the petition since a three-member arbitral tribunal has been constituted to hear the matter involving the enforcement of exit clause valuing their shares at ₹196.16 crore. The high court allowed the withdrawal while granting them liberty to return if the tribunal does not grant relief.

“Since the court has not adjudicated on the merits of the matter, the arbitral tribunal will decide the same, un influenced by any observations made by this court in case the petitioner approaches them,” the court said verbally.

Biome Life Sciences houses Fabindia’s personal care line, FabEssentials, offering face washes, moisturisers, sham poos, and fragrance.