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SAT stays Sebi ban on Future group promoters from securities market
19 February 2021
The Securities Appellate Tribunal (SAT) has stayed the Securities and Exchange Board of India (Sebi’s) order restricting Future Group promoter Kishore Biyani and the other promoters of the group from accessing the securities market.
Sebi had barred Future Group promoters from accessing the securities market for alleged insider trading in the Future Retail (FRL) scrip.
The SAT order comes as a big relief to the Future Retail CEO, who is beng haunted by US online retailer Amazon over alleged violation of conditions of an agreement relating to the sale of its assets to Amazon Inc.
Read more about SAT stays SEBI s ban on Kishore Biyani, other Future promoters from markets on Business Standard. SAT has directed Future Group promoters to deposit a sum of Rs 11 crore as an interim measure. The case will now come up on April 12, 2021
SAT stays SEBI s ban on Kishore Biyani from securities market
By IANS |
Published on
Tue, Feb 16 2021 11:33 IST |
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SAT stays SEBI s ban on Kishore Biyani from securities market. Image Source: IANS News
Mumbai, Feb 16 : In a major relief for Future Retail CEO Kishore Biyani, the Securities Appellate Tribunal (SAT) has stayed the SEBI s order restricting him along with other promoters of the group from the securities market for alleged insider trading in the scrip of Future Retail (FRL).
A company statement said the appellate tribunal has stayed the effect and operation of SEBI s order accusing the promoters of the Future Group of insider trading in the context of purchases of Future Retail shares made in March 2017.
SAT stays SEBI order against Kishore Biyani
February 15, 2021
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The Securities Appellate Tribunal (SAT) has granted a stay on SEBI’s order against Kishore Biyani in an insider trading case.
SAT has, however, asked Biyani and others involved in the case to deposit ₹11 crore with SEBI within four weeks, said sources.
The matter was heard before Justice Tarun Agarwala. Future Corporate Resources Limited (FCRL), Future Group’s Kishore Biyani and his brother Anil Biyani had moved an appeal in SAT against SEBI order that barred them from the securities market.
The case pertains to an announcement made by FRL to the exchanges on April 20, 2017. FCRL merged into Suhani Trading and Investment Consultants Private Limited, which resulted in the de-merger of a few businesses of FRL which benefitted the company in a monetary manner.
Amazon moves SC challenging Delhi HC order on Future Retail-RIL deal ANI | Updated: Feb 11, 2021 17:21 IST
New Delhi [India], February 11 (ANI): E-commerce giant Amazon on Thursday moved the Supreme Court challenging an order of the Delhi High Court allowing statutory authority, such as National Company Law Tribunal (NCLT) to hear Future Retail Limited s (FRL) application seeking approval to complete its Rs 24,731 crore asset sale deal with Reliance Retail.
Amazon has been seeking enforcement of an order of the emergency arbitrator (EA) at the Singapore International Arbitration Centre (SIAC) restraining FRL from taking any steps to transfer its retail assets.
On Amazon s plea, a Single Judge Bench of the Delhi High Court had on February 2 ordered FRL and various statutory authorities including NCLT and Securities and Exchange Board of India (SEBI) to maintain status quo with regard to its assets sale deal with Reliance Retail.