New Delhi, Sept. 28 -- Mumbai, New Delhi: The co-founders of Fabindia Ltd's personal care subsidiary, Biome Life Sciences India Pvt. Ltd, have sued the apparel retailer in the Delhi High Court, seeking to enforce an exit clause they say value their shares at Rs.196.16 crore.

Shantanu Jain and Sania Arora Jain, who launched Biome Life Sciences LLP in 2019 that came under the Fabindia fold a year later, said in their petition that the retailer has breached their shareholder agreement (SHA) by failing to honour a "put option" that entitled them to sell their stake under a pre-agreed formula. Biome houses Fabindia's personal care line of FabEssentials face washes, moisturizers, shampoos, and fragrances.

The Jains sought urgent interim relie...