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Firms/companies > F > Future Group
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.
Schneider Group’s India arm is reviewing a court order, which may require it to offer a better exit to domestic shareholders. “The order dated 15 February 2021.in the matter of Sebi order on Schneider Electric President Systems Ltd., is currently under review. Every decision, on the way forward, will be in keeping with the highest standards of business best practices which Schneider Electric is committed to,” said the Schneider Electric President Systems India spokesperson in an e-mail response. Schneider Electric President Systems had sought the Bombay High Court’s intervention after the stock market regulator ruled in favour of public shareholders earlier this year. The court asked it to approach the Securities Appellate Tribunal, a body which hears appeals against the stock market regulator’s decisions.