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The SAT concluded that Biyani and Future had not indulged in insider trading since the information based on which they had made their trades was "generally available" in the public domain through various media reports.
The Securities Appellate Tribunal (SAT) on Wednesday quashed regulator Sebi's order banning Future Retail chairperson Kishore Biyani and some other promoters from the securities market for one year in an insider trading case
These provisions are ultra vires the Act as they operate to obstruct/delay the recovery of loans by banks and other financial institutions and also “confer drastic and extraordinary powers” upon the tribunal to pass interim exparte order without prima facie satisfying that the conditions required for such restraint orders are met, the petition filed through counsel Pallavi Pratap stated.
In December 2019, Praxis Home Retail allotted 7,500 compulsorily convertible debentures to one of its promoter entities – FCRL.
Praxis’ equity shares aggregating to 30 lakh were allotted to one of its promoter entities FCRL,