The Securities and Exchange Board of India (SEBI) said the two brothers traded in shares of Future Retail through a group company on the basis of unpublished price sensitive information before a demerger of certain businesses of Future Retail that pushed its share price higher.

A spokesman for Future and the two Biyani brothers did not immediately respond to a request for comment. The SEBI investigation found the Biyanis opened a trading account for an entity named Future Corporate Resources, which traded in Future Retail’s shares before the demerger decision was made public. SEBI also barred Biyani from trading in Future Retail shares for two years.

Future Retail files appeal in Delhi High CourtFuture Retail has filed an appeal in the Delhi High Court against the impugned order dated February 2 passed by a single judge, the company said in a filing.

Future Retail moved the court against status quo order on the deal with Reliance and the hearing will take place on Thursday. Bar and Bench reported that a division bench of Chief Justice DN Patel and Justice Jyoti Singh said the matter would be heard on Thursday.

Mentioning the filing of the appeal, senior advocate Darius Khambata for Future Retail Ltd urged the bench to hear their stay application on Wednesday afternoon itself. “FRL will be saved from insolvency...the matter is coming up tomorrow (Thursday) otherwise..,” Khambata said as per the report. Senior advocate Rajiv Nayar for Amazon, opposed the mentioning and stated that the court’s procedure ought to be followed. On Tuesday, a single-judge bench of Justice JR Midha had directed Future Retail to maintain status quo in relation to its deal with Reliance.