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In 2006, Anil Ambani’s wealth was Rs 550 crore more than Mukesh Ambani. (Anil Ambani file photo)
Capital markets regulator SEBI has ordered the freezing of bank accounts as well as shares and mutual fund holdings of Anil Ambani-owned Reliance Big Entertainment. SEBI has given this order to recover the dues of Rs 26 crore.
This penalty was imposed three months ago in a case related to Anil Ambani’s company Reliance Home Finance Limited (RHFL). Recently, SEBI had found out in its investigation that Anil Ambani had embezzled money with the help of RHFL officials.
SEBI had sent a notice to Reliance Big Entertainment Pvt Ltd (now known as RBEP Entertainment Pvt Ltd) on November 14 and asked it to pay the dues within 15 days. After not being able to pay the fine, SEBI has now given this new order.
According to the SEBI notice, the Rs 26 crore dues of Reliance Big Entertainment include interest and recovery costs.
3 months ago SEBI had banned Anil Ambani from the market.
Three months ago, SEBI had banned Anil Ambani from the securities market (share market, debt, derivatives) for 5 years in the case of misappropriation of funds. Then a fine of Rs 25 crore was imposed on Ambani and he was also banned from being a director in any listed company.
Reliance Home Finance Company has been banned for 6 months and a fine of Rs 6 lakh was imposed. According to the 222-page final order issued by SEBI, the investigation had revealed that Anil Ambani embezzled the money with the help of RHFL officials. He used the fund himself, but pretended that the fund was given as a loan.
Anil joined Reliance in 1983, the split took place in June 2005.
- Mukesh Ambani joined Reliance in 1981 and Anil Ambani in 1983. Dhirubhai Ambani died in July 2002. He did not leave after writing his will. Mukesh Ambani became the chairman of Reliance Group and Anil Ambani became the managing director.
- For the first time in November 2004, the fight between brothers Mukesh Ambani and Anil Ambani came to light. Dhirubhai Ambani’s wife Kokilaben was upset with the dispute going on in the family, after which the business was divided.
- This partition took place in June 2005, but the decision regarding which brother would get which company took till 2006. The then chairman of ICICI Bank, VK Kamat also had to intervene in this partition.
- After the partition, Mukesh Ambani got the petrochemicals business, companies like Reliance Industries, Indian Petrol Chemicals Corp Limited, Reliance Petroleum, Reliance Industrial Infrastructure Limited.
- Younger brother Anil owned companies like RCom, Reliance Capital, Reliance Energy, Reliance Natural Resources. After this, the companies under the leadership of Mukesh are continuously growing, while the condition of the companies owned by Anil kept worsening.
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