Order in the matter of Future Retail Limited
What is this order about?
This order concerns SEBI's enforcement action against individuals associated with Future Retail Limited (FRL) for alleged violations of securities laws, including misleading disclosures and non-disclosure of related party transactions.
Who it concerns
Mr. Kishore Biyani, Mr. Rakesh Biyani, Mr. C.P. Toshniwal, Mr. Virendra Samani, Ms. Gagan Singh, Mr. Ravindra Dhariwal, Ms. Sridevi Badiga, Mr. Ashok Trivedi, Mr. Ravi Ajwani, Mr. Lokesh Khandelia, Mr. Raghav Kalyani
What was found or directed
- Violations of SEBI Act and PFUTP Regulations
- Misleading disclosure/non-disclosure of related party transactions
- Understatement of debt/liability by FRL
- Non-disclosure/wrong disclosure of events around Scheme of Arrangement with Reliance Group
- Diversion of funds by promoters to increase shareholding in FRL
- Forensic audit ordered
- Settlement applications rejected
- Barred from securities market (implied by enforcement action)
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | — |
| Status | closed (section: order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |
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