New Delhi: Anil Ambani suffered a huge setback. SEBI has imposed a five-year ban on diversion of funds in the company. A fine of Rs 25 crore was also imposed. The action is to divert funds from Reliance Home Finance. Reliance Homes has been banned for 6 months and fined Rs 6 lakh.
Anil Ambani is facing a huge setback while starting a company in the name of his son and making a big comeback. SEBI has imposed a ban of 5 years and a fine of Rs 25 crore. Sebi’s 222-page charge sheet lists serious irregularities against Anil Ambani. It has been found that with the help of the heads of Reliance Home Finance, there was a plan to extort money from the company.
According to the report, the company board ignored the instructions of the board of directors. Anil Ambani agreed to this. Bans and fines have been imposed on former Reliance Home Finance executives and 24 firms. With this, one cannot become a director of listed companies or hold other high positions.
The ban will also apply to stock market intervention. SEBI has also imposed a six-month ban on Reliance Home Finance. A fine of Rs.6 lakh must also be paid. After the action, Reliance is also facing a big drop in the stock market.
