Prime Time Zone, Webdesk: Future Group, which was recently accused of insider trading, has received a heavy blow from the Security Appellate Tribunal (SAT). Earlier this month, SEBI had directed Kishore Biyani of Future Group and others to stay away from other security markets for a year. It also clarified that Future Retail Ltd. will not be trading shares for up to two years.
In this context Future Group resorted to shot. In an argument on Monday, Somasekhar Shat, a lawyer for Future Group, explained that the company was restructured in April 2017 and that the share purchase process took place in March. In response, Shot said that Sebi was imposing a stay on the directives. Also, under the Future Group deposit of Rs. Issued orders to pay Rs 11 crore. The next hearing is set for May 12.