Future Enterprises fined Rs 5 lakh by Sebi

Mumbai: The Securities and Exchange Board of India (Sebi) has imposed a penalty of 5 lakh on Future Enterprises Limited(FEL) for not disclosing about the arbitration proceedings before the Singapore International Arbitration Centre(SIAC).

“The Noticee (FEL) received the information for commencement of the said proceeding on October 5, 2020 and its group company i.e. Future Retail Limited had filed objection(s) before SIAC on October 6, 2020. However, the Noticee failed to disclose to the stock exchanges as required under the relevant provisions of LODR Regulations, SEBI Circular and PIT Regulations, the information regarding the initiation of the said arbitration proceedings and also the passing of Order dated October 25, 2020 in favour of Amazon,” a Sebi order said Monday.