Updated Feb 04, 2021 | 17:25 IST
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.
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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.
RIL-FRL deal: Delhi HC asks if Amazon, Future ready to resolve issues
Court was hearing a plea filed by Amazon seeking directions to order enforcement of award by Singapore s Emergency Arbitrator, which restrained Future Group from signing a deal with Reliance Retail
BusinessToday.In | February 2, 2021 | Updated 13:32 IST
Amazon CEO Jeff Bezos and Future Group promoter Kishore Biyani
The Delhi High Court has asked both US e-commerce giant Amazon and Kishore Biyani-led Future Retail Ltd (FRL) if they are open to resolving their issues with regard to the Rs 24,713 crore deal between Reliance Retail and Future Retail. Both companies, via their counsel, have said they will inform the court on February 2.
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Future Group promoter Kishore Biyani has alleged that Amazon is playing the dog in the manger and trying to create a confusion about the group s Rs 24,713-crore deal with Reliance Industries.
Seeking to assuage concerns of employees amid the ongoing tussle with e-commerce giant Amazon, Biyani said the organisation is on firm legal footing and that has been vindicated by the regulatory approvals received for the deal from the Competition Commission of India (CCI), market regulator SEBI and the bourses.
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The development comes days after Amazon petitioned the Delhi High Court to block the Future Group from selling retail assets to Reliance Industries and sought detention of Biyani and family members.