(MENAFN - IANS) p>New Delhi/Mumbai, Feb 16 (IANS) The Securities Appellate Tribunal (SAT) has stayed the effect and operation of SEBIs order accusing the promoters of Future Group of insider trading in the context of purchases of Future Retail shares made in March 2017.
According to a statement by Future Corporate Resources Limited, the restructuring of the home furnishing businesses in the Future Group (with the physical store format of Future Retail and online store format of Future Enterprises being demerger into a new company) had been well known in the public since 2016.
Future Group counsel Somasekhar Sundaresan argued that the actual terms of the restructuring were initiated only in April 2017 while the purchases were made in March to avail of the creeping acquisition limits under the takeover regulations.
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.
Insider trading case: Future Group s Kishore Biyani moves SAT against Sebi ban
Sebi had banned Kishore Biyani, his brother Anil Biyani and Future Corporate Resources Limited (FCRL) from accessing the securities market for a period of 1 year
BusinessToday.In | February 6, 2021 | Updated 19:44 IST
Kishore Biyani moves SAT against Sebi order
Future Group s Kishore Biyani, his brother Anil Biyani and Future Corporate Resources Limited (FCRL) have moved the Securities Appellate Tribunal (SAT) against the Sebi order that barred them from the securities market.
Markets regulator Securities and Exchange Board of India (Sebi) on February 3 banned the Biyani bothers and FCRL from accessing the securities market for a period of 1 year. The regulator had also restrained Biyani from buying, selling or dealing in the securities of Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of 2 years. They were also asked to jointly and severally disgorge an