Sebi imposes Rs 10 lakh fine on Future Retail
"It was observed that Noticee (Future Retail) had disclosed the initiation of arbitration proceeding before SIAC initiated by Amazon on November 1, 2020, only after active intervention of stock exchanges," Sebi said.
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Mumbai: Sebi has imposed a penalty of ₹10 lakh on Future Retail for alleged delay in disclosing arbitration proceedings and interim order by Singapore International Arbitration Centre( SIAC ).Amazon had raised concerns with Sebi regarding a scheme of arrangement between Future group and Mukesh Dhirubhai Ambani group. On October 5,2020, Amazon had initiated arbitration proceeding against Future Groups before SIAC.On April 7,2021, Sebi issued a show cause notice to Future Retail alleging violation of its disclosure norms. The regulator alleged that Future Retail didn't disclose the arbitration proceedings inspite of receiving the information about the commencement of the proceedings on October 5, 2020, from SIAC and even after filing its objection before SIAC on October 6, 2020."The same was required to be disclosed as soon as reasonably possible and not later than 24 hours, i.e., on or before October 6, 2020, as material event as required under LODR Regulations," Sebi said in an order on Thursday."It was observed that Noticee (Future Retail) had disclosed the initiation of arbitration proceeding before SIAC initiated by Amazon on November 1, 2020, only after active intervention of stock exchanges," Sebi said.
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