Future Group's Kishore Biyani moves SAT against SEBI order

Soon after the February 3 SEBI order, Future Retail Ltd, promoted by Biyani, in a regulatory filing said the ban imposed by SEBI on the company's chairperson "will have no impact on the ongoing Scheme of Arrangement of the company" and that the company understands "that the relevant parties propose to challenge this order in exercise of their statutory right to appeal."

In addition to the ban on trading, SEBI has also imposed a fine of ₹1 crore each on Kishore Biyani, Anil Biyani and Future Corporate Resources Pvt Ltd (FCRPL). The regulator has also asked them to pay up ₹17.78 crore for the wrongful gains made by them by using unpublished price-sensitive information to trade in Future Retail shares.

SAT is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992 to hear and dispose of appeals against orders passed by the SEBI or by an adjudicating officer under the Act; and to exercise jurisdiction, powers and authority conferred on the Tribunal by or under this Act or any other law for the time being in force.

Fibre2Fashion News Desk (RKS)