Market regulator SEBI has taken strict action against businessman Anil Ambani. The regulator has banned him from the securities market for 5 years. SEBI has also imposed a huge fine of crores of rupees on Anil Ambani.
Apart from Anil Ambani, action was also taken on these people
The regulator informed about this action in the latest order. This action of the regulator has come against Anil Ambani as well as 24 other bodies, including many former executives of Reliance Home Finance. SEBI has banned all of them from the securities market for 5 years. The regulator says that this action has been taken due to misappropriation of the company’s funds.
You cannot take such posts in any listed company
The market regulator has imposed a 5-year ban and a fine of crores of rupees. Anil Ambani has been fined a whopping Rs 25 crore by the regulator. SEBI has also barred Anil Ambani from holding any managerial position in any listed company.
Restrictions were also imposed on Reliance Home Finance
The company has also come under the purview of regulatory action. The company Reliance Home Finance has been banned from the securities market for 6 months. Also, a fine of Rs 6 lakh has been imposed on the company.
This is how the company’s money was misappropriated
In its final order of 222 pages, SEBI said that Anil Ambani carried out the fraud with the help of people posted in managerial positions of Reliance Home Finance. In this way, those people together transferred the money of Reliance Home Finance from one place to another. The money was transferred to the entities associated with them in the name of loans. According to SEBI, the board of the company also lodged strong objections to those activities, but the management ignored it. The regulator has considered it a serious irregularity in the company’s operations.
SEBI also imposed a fine of crores on them
Apart from Anil Ambani, SEBI has imposed fines and bans on former Reliance Home Finance executives Amit Bapna (Rs 27 crore), Ravindra Sudhalkar (Rs 26 crore) and Pinkesh R Shah (Rs 21 crore). Apart from them, Reliance Unicorn Enterprises, Reliance Exchange Next Limited, Reliance Commercial Finance Limited, Reliance Cleangen Limited, Reliance Business Broadcast News Holdings Limited and Reliance Big Entertainment Private Limited have been fined Rs 25 crore each.
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