Rajani Associates Represents Former Independent Directors of Future Retail Limited in SEBI Proceedings

Rajani Associates represented Ms. Gagan Singh, Mr. Ravindra Dhariwal and Ms. Sridevi Badiga, former Non-Executive Independent Directors of Future Retail Limited and members of its Audit Committee, in proceedings before the Securities and Exchange Board of India (SEBI) arising from allegations relating to financial irregularities, corporate governance issues and disclosure violations.

The proceedings formed part of SEBI’s investigation into Future Retail Limited, pursuant to which Show Cause Notices were issued in connection with, inter alia, disclosures relating to related party transactions, debt and liabilities of the company, and events surrounding the proposed scheme of arrangement involving the Reliance Group.

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Rajani Associates acted for Noticee Nos. 5 to 7 and undertook a detailed examination of the role and responsibilities of Non-Executive Independent Directors, including the role of the Chairperson of the Audit Committee. The representation involved an extensive review of Audit Committee minutes, Board minutes, investigation records and the forensic audit report, culminating in comprehensive responses to the Show Cause Notice. The matter was argued by the firm without external counsel.

Following consideration of the submissions made on behalf of the clients, SEBI concluded that the alleged violations of Clause A(1) and A(4)(f) of Part C of Schedule II read with Regulation 18(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 were not established against the noticees and disposed of the Show Cause Notice proceedings against them.

The Rajani Associates team advising on the matter comprised Dikshat Mehra, Partner, and Honey Chandnani, Associate.