SEBI Issues a Demand Notice of Rs5 Lakh Penalty to Future Enterprises
Moneylife Digital Team 24 June 2022
Market regulator Securities and Exchange Board of India (SEBI) has issued a demand notice to Future Enterprises asking the company to pay the penalty of Rs5 lakh imposed in March for alleged non-disclosure of arbitration proceedings initiated by Amazon before the Singapore International Arbitration Centre (SIAC).
The notice comes after Future Enterprises did not pay the fine imposed by SEBI through an order dated 14th March.
The regulator has asked the firm to pay this amount within 15 days. In the event of non-payment of the dues, SEBI said it would recover the money by different modes such as attachment and sale of the company’s movable or immovable properties, attachment of bank account and arrest. It may even appoint a receiver for the management of its properties.
SEBI said the company cannot mortgage, charge or lease its properties except with the permission of the recovery officer.
On 5 October 2020, an arbitration proceeding was initiated against Future Group by Amazon before the SIAC. The arbitration proceeding was over Amazon’s objections to Future Group’s proposed Rs25,000 crore deal with Reliance Industries to sell its retail business.
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