Latest news with #FutureRetail
Time of India
25-04-2025
- Business
- Time of India
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. Tired of too many ads? Remove Ads 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 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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Business Standard
24-04-2025
- Business
- Business Standard
Sebi imposes Rs 10 lakh penalty on Future Retail for disclosure gaps
The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 10 lakh on Future Retail for alleged lapses in disclosures of material events such as arbitration proceedings and an interim order by the Singapore International Arbitration Centre (SIAC). In October 2020, Amazon had initiated arbitration proceedings against Future Group in SIAC. Amazon had raised concerns regarding a scheme of arrangement between Future Group and the Mukesh Ambani Group. The Sebi order states that after active intervention by stock exchanges, Future Retail made a disclosure regarding the SIAC interim order and provided details and the impact of the directions. The company had contended that the information was not material. Further, it had submitted to Sebi that the passing of the interim order was not unpublished price sensitive information (UPSI) under the Prohibition of Insider Trading regulations and that the development was widely covered by various media.
