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 |
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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.
(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’s order barring Kishore Biyani from markets
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SAT stays Sebi’s order barring Kishore Biyani from markets
Digbijay Mishra & Reeba Zachariah / TNN / Updated: Feb 16, 2021, 11:20 IST
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The tribunal pronounced the order verbally on the matter, they said.
The securities markets regulator had barred Biyani and four other entities from accessing the capital market for one year for alleged insider trading violations. They were also barred from dealing in Future Retail shares for two years. “A formal order is yet to be received, but the Sebi ban has been stayed,” a person aware of the SAT proceedings said.
SAT has also directed the Future Group promoters to deposit a sum of Rs 11 crore as an interim measure., , kishore biyani, future group, amazon india, reliance industries