Industrialist Anil Ambani and 24 others, including former chief executives of Reliance Home Finance, have been barred from the capital market (securities market) for five years by market regulator the Securities and Exchange Board of India (Sebi). SEBI has taken this action in case of manipulation of money from the company. Anil Ambani has been fined Rs 25 crore by SEBI and banned from the securities market for a period of 5 years.
Industrialist Anil Ambani and 24 others have been barred by Sebi for diverting funds from Reliance Home Finance Limited (RHFL). The regulator banned Anil Ambani from the market and imposed a fine of Rs 25 crore on him.
After this order of the regulator Securities and Exchange Board of India (SEBI), Anil Ambani will not be able to hold a management position in any listed company (listed company) for the next five years.
Reliance Home Finance Limited (RHFL) has also been barred from the market by SEBI for six months and fined Rs 6 lakh.
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A 222-page order has been issued by Sebi, stating that Anil Ambani in connivance with senior officials of RHFL had improperly given loans to companies linked to them.
Sebi said that the board of directors of RHFL had raised objections to wrongly giving loans and asked that corporate loans should be reviewed by the company on time, but the management of the company did not pay attention to it and Ignored it. The management did this under the influence of Anil Ambani.
Further, the regulator said that companies which had no assets, no cash flow, no net worth and no income, were given hundreds of crores of loans by the management.
The 24 entities that have been banned include former chief executives of Reliance Home Finance Limited, Amit Bapna, Pinkesh R Shah and Ravindra Sudhalkar. The regulator has imposed a fine of Rs 25 crore on Anil Ambani, a fine of Rs 27 crore on Amit Bapna, a fine of Rs 26 crore on Ravindra Sudhalkar, and a fine of Rs 21 crore on Pinkesh R Shah.
Apart from this, Reliance Unicorn Enterprises, Reliance Commercial Finance Limited, Reliance Exchange Next LT, Reliance Business Broadcast News Holdings Limited, Reliance Cleangen Limited and Reliance Big Entertainment Pvt Ltd are included in this ban. A fine of Rs 25 crore has been imposed on each of them.
