In re Future Retail Limited (SEBI)
(i) Noticee Future Corporate Resources Private Limited, Kishore Biyani, Anil Biyani, Rajesh Pathak and Rajkumar Pande are restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one (1) year, from the date of this order;
(ii) Noticee no. 1 (i.e. Future Corporate Resources Private Limited), 2, 3, 5 and 6 are restrained from buying, selling or dealing in the securities of the Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of two (2) years;
(iii) Noticee 8 is restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in securities, directly or indirectly, or being associated with the securities market in any manner, whatsoever, for a period of one (1) year, from the date of this order;
(iv) Noticee no. 8 is restrained from buying, selling or dealing in the securities of the Future Retail Limited (FRL), directly or indirectly, in any manner whatsoever, for a period of two (2) years;
(v) Noticee no. 1 (i.e. Future Corporate Resources Private Limited), 2 and 3 are directed to jointly and severally disgorge an amount of Rs. 17,78,25,000/-(Rupees seventeen crore seventy-eight lakh twenty-five thousand) along with an interest at the rate of 12% per annum from April 20, 2020 till the date of actual payment. The said amount shall be remitted by Noticee no. 1 (i.e. Future Corporate Resources Private Limited), Noticee no. 2 and Noticee no. 3 to Investor Protection and Education Fund (IPEF) referred to in Section 11(5) of the SEBI Act, 1992.
(vi) Noticee no. 8 is directed to disgorge an amount of Rs. 13,320/- (Rupees thirteen thousand three hundred twenty) along with an interest at the rate of 12% per annum from April 20, 2020 till the date of actual payment. The said amount shall be remitted by Noticee no. 8 to Investor Protection and Education Fund (IPEF) referred to in Section 11(5) of the SEBI Act, 1992.
(vii) Noticee no. 1 (i.e. Future Corporate Resources Private Limited) and Noticee no. 4 are directed to jointly and severally disgorge an amount of Rs. 2,75,68,650/-(Rupees two crore seventy-five lakh sixty-eight thousand six hundred fifty) along with an interest at the rate of 12% per annum from April 20, 2020 till the date of actual payment. The said amount shall be remitted by Noticee no. 1 (i.e. Future Corporate Resources Private Limited) and Noticee no. 4 to Investor Protection and Education Fund (IPEF) referred to in Section 11(5) of the SEBI Act, 1992.
(viii) Noticee no. 1 (i.e. Future Corporate Resources Private Limited), Noticee no. 2, Noticee no. 3, are hereby imposed with, under Section 15G of the SEBI Act, 1992, penalty of Rs. 1 crore, each and are directed to pay their respective penalties within a period of forty-five (45) days, from the date of receipt of this order, by way of Demand Draft in favour of “SEBI -Penalties Remittable to Government of India”, payable at Mumbai;
(xi) Noticee no. 5 and Noticee no. 6 are hereby imposed with, under Section 15G of the SEBI Act, 1992, a penalty of Rs. 25 lakh, each and are directed to pay their respective penalties within a period of forty-five (45) days, from the date of receipt of this order, by way of Demand Draft in favour of “SEBI -Penalties Remittable to Government of India”, payable at Mumbai
(x) Noticee no. 7 is hereby imposed with, under Section 15HB of the SEBI Act, 1992, penalty of Rs. 10 lakh, and is directed to pay penalty within a period of forty-five (45) days, from the date of receipt of this order, by way of Demand Draft in favour of “SEBI -Penalties Remittable to Government of India”, payable at Mumbai;
(xi) Noticee no. 8 is hereby imposed with, under Section 15G of the SEBI Act, 1992, penalty of Rs. 10 lakh, and is directed to pay penalty within a period of forty-five (45) days, from the date of receipt of this order, by way of Demand Draft in favour of “SEBI -Penalties Remittable to Government of India”, payable at Mumbai.
FULL TEXT OF THE SEBI JUDGEMENT
Under Sections 11(1), 11(4), 11B (1) and 11B (2) of the Securities and Exchange Board of India Act, 1992 read with Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995.
