New Delhi/Mumbai, Nov. 19 -- 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.

Appearing before justice Jasmeet Singh, the legal team for founders Shantanu Jain and Sania Arora Jain said they were withdrawing the plea since a three-member arbitral tribunal has now been constituted to hear the matter involving the enforcement of an exit clause that values their shares at Rs.196.16 crore.

The founders said they would pursue their remedies before the constituted tribunal. The high court permitted the withdrawal while granting them liberty to return if the tribunal does not grant adequate...