SEBI’s major cracks down on Anil Ambani and his firms
The market regulator SEBI has banned industrialist Anil Ambani and 24 others, including former top officials of Reliance Home Finance (RHFL), from participating in the securities market for five years. SEBI found rampant fund diversion by debt-ridden Anil Ambani and Reliance firms.
The Regulator has fined Ambani Rs.25 crore and barred him from being involved with the securities market in any capacity, such as a director or key manager, for five years. SEBI has also suspended Reliance Home Finance from the securities market for six months and imposed a fine of Rs.6 lakh on the company.
SEBI’s 222-page order reveals that Anil Ambani, with the help of RHFL’s top management, set up a fraudulent scheme to divert funds from RHFL by pretending they were loans to his related entities. The regulator found top managers of Anil Ambani were part of fund diversions.
This indicates a major failure in governance, influenced by certain key managers under Anil Ambani’s control. Given the situation, RHFL itself should not be equally blamed as the individuals involved in the fraud, said SEBI.
Here is the list of persons and firms banned along with Anil Ambani:
The other entities involved either received the illicit loans or acted as middlemen to divert funds from RHFL. SEBI’s probe confirmed that there was a fraudulent scheme led by Anil Ambani and executed by RHFL’s key managers. They diverted funds from RHFL by creating fake loans to entities linked to Ambani.
Ambani used his role as the ADA group chairperson and his indirect shareholding in RHFL’s holding company to carry out the fraud. SEBI’s 222-page order highlighted the reckless approach of the company’s management and promoter in approving large loans to companies with poor financial health.
SEBI’s Judgment on Anil Ambani & others by PGurus on Scribd
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very good action…… for Rs. 45,000 crores siphoning, penalty of Rs. 25 crores and he has no bank balance, loans were given when he had no balance & penalty imposed when he no money balance. Excellent judgement & punishment. Yet he has money to roam around world.