Future Market Networks loses court challenge to Rs 22.48 crore award

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AI summary

The Calcutta High Court dismissed Future Market Networks' challenge to a May 2016 arbitration award. The award gave the other side about Rs 22.48 crore, including Rs 13.27 crore in licence fees, while allowing Rs 24.30 crore of claims made by the company. It plans to appeal.

Likely market impact

The award stays in force, creating possible financial exposure. The company plans to appeal, and Rs 24.30 crore of its claims were allowed.