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- Anil Ambani Reviewing Options After Sebi Order, To Take Appropriate Steps
Mumbai15 minutes ago
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Anil Ambani (file photo).
After SEBI’s ban on the stock markets, Anil Ambani is now reviewing legal options i.e. looking for them. Anil Ambani’s spokesperson has said this in a statement.
Anil Ambani had resigned from the Board of Directors of Reliance Infrastructure and Reliance Power in accordance with SEBI’s interim order dated February 11, 2022 in the matter of Reliance Home Finance, the spokesperson said.
Will take appropriate action against SEBI’s order
Also, they have been complying with the interim order for the last two and a half years. Ambani is reviewing the final order passed by SEBI on August 22 in this matter and will take the appropriate next step as per legal advice.
SEBI bans Anil Ambani from the stock market for 5 years
On August 22, market regulator SEBI banned industrialist Anil Ambani from the securities market (stock market, debt, derivatives) for 5 years in the case of fund misappropriation. Ambani has also been fined Rs 25 crore. He has also been banned from being a director in any listed company.
SEBI has also banned 24 other entities including former top officials of Reliance Home Finance (RHFL) from the stock market. Different fines have been imposed on them. Reliance Home Finance Company has been banned for 6 months and a fine of Rs 6 lakh has been imposed.
According to the 222-page final order issued by SEBI, the investigation revealed that Anil Ambani misappropriated the money with the help of RHFL officials. He used the funds himself, but showed that these funds were given as loans.
4 important things related to SEBI’s order…
- The Board of Directors had given instructions to stop such loans and to regularly review corporate loans, but the company’s management ignored these orders.
- SEBI said that given the circumstances, RHFL should not be held equally responsible as the persons involved in the fraud. At the same time, other entities helped in fund diversion.
- Anil Ambani has been fined Rs 25 crore, Amit Bapna Rs 27 crore, Ravindra Sudhakar Rs 26 crore, and Pinkesh R Shah Rs 21 crore.
- Reliance Unicorn Enterprises, Reliance Exchange Next, among others, have been fined Rs 25 crore each for their involvement in misappropriation of funds.
Reliance Infra shares fell nearly 11%, Power fell 5%
After SEBI’s ban, Anil Ambani’s companies Reliance Infra, Reliance Home Finance and Reliance Power fell on Friday (23 August). Reliance Infra fell the most by about 14%, Reliance Home Finance by 5.12% and Reliance Power by 5.01%.
Anil joined Reliance in 1983, the split happened in June 2005
- Mukesh Ambani joined Reliance in 1981 and Anil Ambani in 1983. Dhirubhai Ambani died in July 2002. He had not left a will. Mukesh Ambani became the chairman of Reliance Group and Anil Ambani became the managing director.
- The dispute between the two brothers Mukesh Ambani and Anil Ambani came to light for the first time in November 2004. Dhirubhai Ambani’s wife Kokilaben was upset with this dispute going on in the family, after which the business was divided.
- This division took place in June 2005, but the decision on which brother would get which company continued till 2006. The then chairman of ICICI Bank VK Kamath also had to intervene in this division.
- After the split, Mukesh Ambani’s share included petrochemicals business, companies like Reliance Industries, Indian Petroleum Chemicals Corp Ltd, Reliance Petroleum, Reliance Industrial Infrastructure Ltd.
- Younger brother Anil owned companies like RCom, Reliance Capital, Reliance Energy, Reliance Natural Resources. After this, the companies led by Mukesh have been growing continuously, while the condition of the companies that came into Anil’s share deteriorated.
Four months ago, the order to pay ₹8,000 crore to Reliance Infra was quashed
On April 10, the Supreme Court rejected Anil Ambani’s company Delhi Airport Metro Express’ demand for payment of about ₹8,000 crore from Delhi Metro Rail Corporation. Delhi Airport Metro Express is a subsidiary of Anil Ambani’s company Reliance Infrastructure. After this order of the Supreme Court, Reliance Infra’s shares fell by 20%. Read full news here…
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