Reliance Group Chairman Anil Ambani Weighs Options Following Market Ban and Rs 25 Crore Fine by Sebi
Last Updated: Aug 25, 2024 | 7:27 PM IST
Anil Ambani, Chairman of Reliance Group, is presently evaluating legal responses after the Securities and Exchange Board of India (Sebi) barred him from stock markets and levied a Rs 25-crore fine over allegations of fund diversion from Reliance Home Finance (RHFL), previously a Reliance Capital subsidiary.
In a formal statement, Ambani’s spokesperson highlighted his resignation from the boards of Reliance Infrastructure and Reliance Power following Sebi’s interim order on February 11, 2022. "Ambani is reviewing the final order dated August 22 and will take appropriate steps as legally advised," the statement added.
Reliance Infrastructure clarified it was neither a party nor noticee in Sebi’s proceedings, maintaining that the Sebi order will not affect the company’s operations. Similarly, Reliance Power affirmed that it was not involved in the proceedings and that the recent Sebi order holds no impact on its business.
On August 22, Sebi imposed a substantial penalty of Rs 624 crore on 27 individuals and entities, including Ambani and his group firms, for the alleged siphoning of funds from RHFL. Additionally, Sebi has banned Ambani and 24 others from accessing the securities market and holding key positions in any listed firm for five years.
Despite these challenges, Reliance Infrastructure and Reliance Power emphasize that their business activities remain unaffected by the regulatory actions against Anil Ambani.
Original Story https://www.business-standard.com/companies/people/anil-ambani-reviewing-options-after-sebi-order-to-take-appropriate-steps-124082500344_1.html
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