Anil Ambani is striking headlines for all the wrong reasons today as SEBI barred him from the securities market for five years. SEBI believes that Anil Ambani diverted funds from the company. The market regulatory body also levied a penalty of 25 Cr rupees on Anil Ambani for the same.
SEBI also restrained Anil Ambani from being associated with the securities market, including as a director or Key Managerial Personnel (KMP) in any listed company or any intermediary registered with them. SEBI even barred Reliance Home Finances from the securities market for a tenure of six months. The fine levied for the same is 6 lakh rupees.
SEBI prepared a 222-page final order in this case where it mentioned that Anil Ambani abused his power as key managerial personnel at RHFL and orchestrated a fraudulent scheme to siphon off funds from RHFL by disguising them as loans to entities linked to him.
On the other hand, SEBI also restrained 24 entities, which include former key officials of Reliance Home Finance Ltd (RHFL) Amit Bapna, Ravindra Sudhalkar, and Pinkesh R Shah.
The remaining entities include Reliance Unicorn Enterprises, Reliance Exchange Next Lt, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd, and Reliance Big Entertainment Private Ltd.
A Venkatesh and Trivikram combination has been on the wish list of Telugu audiences for…
Suriya's Vishwanath and Sons directed by Venky Atluri, was released in theatres on August 14th…
