FUTURE MARKET NETWORKS LTD. - 533296 - Order By Securities Appellate Tribunal - In The Matter Of Trading Activities In The Scrip Of Future Retail Limited
Based on information received from Future Corporate Resources Private Limited, please be informed that an appeal filed by certain persons which inter alia includes (i) Mr. Kishore Biyani - Promoter and Future Corporate Resources Private Limited - the Holding Company, against the final order passed by the Securities and Exchange Board of India on February 3, 2021, under Sections 11(1), 11(4), 11B(1) and 11B(2) of the SEBI Act, 1992 read with the SEBI (Procedure for Holding Inquiry and Imposing Penalty) Rules, 1995 ('SEBI Order') in the matter of trading activities in the scrip of Future Retail Limited (FRL), was heard by the Securities Appellate Tribunal ('SAT') on February 15, 2021. The Hon'ble SAT has stayed the effect and operation of the SEBI Order against the Promoters / Promoter entities subject to the conditionalities set out in terms of its order. A copy of the order is awaited and this disclosure shall be updated once the order is published and uploaded by the Hon'ble Tribunal17-02-2021