Updated Feb 03, 2021 | 20:18 IST
SEBI on Wednesday barred Future Group CEO Kishore Biyani from accessing securities market in connection with a 2017 insider trading case Setback for Kishore Biyani! SEBI bars Future Group CEO from securities market for 1 yr | Photo Credit: BCCL
Market regulator Securities and Exchange Board of India (SEBI) has barred Future Group CEO Kishore Biyani and his brother Anil from the securities market for a period 1 year in connection with a 2017 case insider trading of Future Retail shares.
This is the second blow to Future Group CEO within this week as it comes close on the heels of Delhi High Court s (HC s) interim order on Tuesday putting a temporary hold on the proposed $3.4-billion deal involving the sale of Future Group s retail assets to Mukesh Ambani s Reliance Industries (RIL). Delhi HC order was based on a petition filed by Amazon.com alleging breach of its contract with Biyani s Future.
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Sputnik International
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Amazon to Delhi HC: Enforce arbitration order, jail Biyani
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Amazon’s petition has come days after the Sebi gave conditional approval to Future Group for amalgamation of six Future Group firms as part of the plan to sell assets to Reliance Retail Ventures Ltd and Reliance Fashion and Lifestyle.
(Reuters)
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Amazon.com Inc on Monday filed a petition in the Delhi high court, seeking imprisonment of Future group promoters, including founder Kishore Biyani, for allegedly violating securities market rules by illegally encumbering group company shares.
According to the petition, a copy of which was reviewed by
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India’s richest billionaire says he has no ambitions to dominate the country’s farm sector. But his other plans may leave an imprint on it anyway.
After weeks of farmer protests, Mukesh Ambani’s Reliance Industries (RIL) announced this month that the company wasn’t going to embark on “corporate or contract farming.” It also promised to ensure its suppliers would always provide farmers a fair deal. The statement aimed to address farmer fears that farm reforms passed last year will exploit them and will benefit large corporations such as Reliance that are expanding in the grocery business.