SEBI ban on Kishore Biyani, others won t sway Reliance deal, says Future Retail
Future Retail Ltd (FRL), in a late-night regulatory filing on Wednesday, February 3, said the order will have no impact on the ongoing Scheme of Arrangement of the company
BusinessToday.In | February 4, 2021 | Updated 16:37 IST
Future Group CEO Kishore Biyani and other promoters as well as Future Corporate Resources Pvt Ltd (GCRPL) are planning to file an appeal against the SEBI s order on Wednesday, February 3
Future Retail Ltd has said the one-year ban imposed by SEBI on the company s Chairperson Kishore Biyani and other promoters from the securities market will have no impact on its deal with Reliance Retail Ventures Ltd (RRVL), a unit of Reliance Industries.
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On Wednesday, SEBI had barred Kishore Biyani and certain other promoters of Future Retail Ltd from the securities market for one year for indulging in insider trading SEBI ban on Kishore Biyani, others won t impact deal with Reliance: Future Retail | Photo Credit: IANS
New Delhi: Future Retail Ltd has said that SEBI s one-year ban on its Chairperson Kishore Biyani and some other promoters from the securities market will have no impact on the Rs 24,713 crore-deal with Reliance.
Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by the Securities and Exchange Board of India (SEBI) on Wednesday.
Future Retail Ltd further tumbled 5 per cent on Thursday as investors continued to sell the company s shares for the second consecutive day. The stock declined 4.99 per cent to close at Rs 74.20 its lower circuit limit on the BSE. On Wednesday too, Future Retail Ltd (FRL) declined 5 per cent amid concerns related to the deal with Reliance Retail. Other group stocks also tumbled on Thursday, with Future Enterprises falling 4.94 per cent, Future Lifestyle Fashions declining 4.98 per cent and Future Consumer slumping 4.26 per cent. Sebi, on Wednesday, barred Kishore Biyani and certain other promoters of FRL from the securities market for one year for indulging in insider trading in the shares of the company.
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NEW DELHI: Future Retail Ltd has said that SEBI s one-year ban on its Chairperson Kishore Biyani and some other promoters from the securities market will have no impact on the Rs 24,713 crore-deal with
Reliance. Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by SEBI on Wednesday. the . Order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this Order in exercise of their statutory right to appeal, Future Retail Ltd (FRL) said in a late-night regulatory filing on Wednesday.