Future Retail Ltd has said that SEBI’s one-year ban on its Chairperson Kishore Biyani and some other promoters from the securities market will have “no impact” on the Rs 24,713 crore-deal with Reliance.
Further, Kishore Biyani, some other promoters and Future Corporate Resources Pvt Ltd (FCRPL) plan to appeal against the order passed by Securities and Exchange Board of India (SEBI) on Wednesday.
“the … Order will have no impact on the ongoing Scheme of Arrangement of the company. We understand that the relevant parties propose to challenge this Order in exercise of their statutory right to appeal,” Future Retail Ltd (FRL) said in a late-night regulatory filing on Wednesday.