Trilegal successfully represented Kishore Biyani, Rakesh Biyani and other KMPs of Future Retail before SEBI
The leading full-service Indian law firm, Trilegal successfully represented Kishore Biyani, Rakesh Biyani, along with other Key Managerial Personnel of Future Retail Limited in proceedings before the Securities and Exchange Board of India (SEBI), arising out of a forensic investigation into the company’s books of accounts.
Case Background
Trilegal acted in a matter concerning SEBI’s forensic investigation into the financial statements of Future Retail Limited, aimed at examining allegations of market manipulation and alleged wrongful diversion or siphoning of funds by promoters, directors, and key managerial personnel. The investigation also involved potential violations under the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Proceedings and Regulatory Findings
After examination of the evidence on record as well as the arguments made, SEBI held that there was no material on record to demonstrate any fraudulent act committed by the Biyanis and observed that there was no diversion of funds of Future Retail Limited.
SEBI’s penalties were limited to disclosure violations, for which it imposed a monetary penalty of INR 20 lakhs each on the Biyanis and INR 10 lakhs on the KMPs of the company, while observing that there was no element of fraud or active concealment, nor any wrongful gain or loss avoided by any of the noticees.
Team
The matter was handled by the Financial Regulatory team of Trilegal comprising Shruti Rajan (Partner), along with Vivek Shah (Counsel), and Paras Taneja, Anugraha Jaising, and Taposh Das (Associates).
Conclusion
This order reinforces the distinction between disclosure lapses and fraudulent conduct under Indian securities law, while providing clarity on the scope of regulatory scrutiny in forensic investigations involving listed companies.
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