Calcutta High Court Dismisses FMNL's Challenge to ₹17.98 Crore Arbitration Award
The High Court's dismissal upholds a substantial arbitration award against the company, which could have a material financial implication if the planned appeal is unsuccessful.
The company's application challenging a significant arbitration award of approximately ₹17.98 crore was dismissed by the High Court, indicating an unfavorable legal outcome for FMNL.
Future Market Networks Limited (FMNL) announced on 22 September 2025 that the Hon’ble High Court at Calcutta dismissed its application (AP-COM 135 of 2024) challenging an arbitration award dated 19 May 2016. The High Court delivered its judgment on 19 September 2025.
* The application, filed under Section 34 of the Arbitration and Conciliation Act, 1996, contested an award passed by Learned sole Arbitrator Mr. Syama Prosad Sarkar in proceedings between FMNL and Laxmi Pat Surana. * FMNL had challenged the arbitration award on several grounds, including the award of: * License fee for the entire lock-in period (August 11, 2008, to July 31, 2013) amounting to ₹13,26,56,751 (₹13.26 crore). * Loss of interest on security deposit for ₹50,00,000 (₹0.50 crore). * Loss of income on account of additional license fees for ₹3,95,50,500 (₹3.95 crore). * Electricity charges for ₹14,68,762 (₹0.14 crore). * Water charges for ₹11,70,000 (₹0.11 crore). * The total amount contested by FMNL in these claims was approximately ₹17,98,46,013 (₹17.98 crore). * The High Court found the arbitrator's award justified and within the scope of the agreement, dismissing FMNL's application. * The company stated it is in the process of filing an appeal/application against the award before the Hon’ble High Court of Calcutta.
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