Mumbai2 minutes ago
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Market regulator SEBI has banned industrialist Anil Ambani from the stock market for 5 years in the case of fund misappropriation. Ambani has also been fined Rs 25 crore. He is also banned from being a director in any listed company.
Apart from him, 24 other entities including former top officials of Reliance Home Finance have been banned. The regulator banned Reliance Home Finance from the securities market for 6 months and imposed a fine of Rs 6 lakh.
According to the 222-page final order issued by SEBI, Anil Ambani, with the help of senior employees of RHFL, had hatched a fraudulent plan to siphon off funds from RHFL. He was trying to show this as a loan to entities associated with him.
3 big things related to SEBI’s order…
- RHFL’s board objected to Ambani’s withdrawal of funds but he ignored it.
- The company (RHFL) will not be included in this fraud because only a few people were involved in it.
- The remaining entities either took loans illegally or assisted in illegal diversion of funds from RHFL.
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