Anil Ambani reviewing options after Sebi order, to take appropriate steps | People
Reliance Group chairman Anil Ambani is reviewing legal options after the market regulator, the Securities and Exchange Board of India (Sebi), banned him from the stock markets and imposed a steep Rs 25 crore fine for alleged fund diversion from Reliance Home Finance, a former subsidiary of Reliance Capital.
In a statement, a spokesperson for Ambani said he had resigned from the board of directors of Reliance Infrastructure and Reliance Power pursuant to Sebi’s interim order dated February 11, 2022, in the matter of Reliance Home Finance and has been in compliance with the said interim order for the last two and a half years.
“Ambani is reviewing the final order dated August 22, passed by Sebi in the said matter, and will take appropriate next steps as legally advised,” the statement said.
In a separate statement, Reliance Infrastructure said the company was not a noticee or party to the proceedings before Sebi in which the order was passed. “No directions were given against Reliance Infrastructure. Anil Ambani had resigned from the board of directors of Reliance Infrastructure pursuant to the interim order dated February 11, 2022, passed by Sebi in the same proceedings,” the statement said.
“Therefore, the order dated August 22, 2024, passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure,” the statement added.
In an identical statement, Reliance Power said it was not a noticee or party to the proceedings before Sebi in which the order was passed. “No directions were given in the order against Reliance Power. Anil Ambani had resigned from the board of directors of Reliance Power pursuant to the interim order dated February 11, 2022, passed by Sebi in the same proceedings. Therefore, the order dated August 22, passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Power,” the statement said.
On August 22, Sebi imposed a penalty of Rs 624 crore on 27 individuals and entities, including Ambani, his group firms, and their former directors, for allegedly siphoning funds from Reliance Home Finance (RHFL).
On August 22, Sebi also barred Anil Ambani and 24 others from accessing the securities market and holding key positions in any listed firm or its associates for five years. The penalty imposed on Ambani is Rs 25 crore.
First Published: Aug 25 2024 | 4:16 PM IST
