Anil Ambani, brother of Mukesh Ambani of the country’s giant company Reliance, is making a good comeback, but his troubles are not showing signs of diminishing. SEBI has asked him to repay Rs 154.5 crore. Market regulator SEBI has issued notices to six entities, including one entity of Reliance Home Finance, asking them to pay Rs 154.50 crore. This notice has been given regarding misappropriation of money.
SEBI has asked these units to make the payment within 15 days. Failure to do so has also warned of confiscation of property and bank accounts.
The names of these companies include
The units to which the notice has been sent include Crest Logistics and Engineers Pvt. Ltd. (Now CLE Private Limited), Reliance Unicorn Enterprises Private Limited, Reliance Exchange Next Limited, Reliance Commercial Finance Limited, Reliance Business Broadcast News Holdings Limited. and Reliance Cleangen Ltd. The demand notice came after these entities failed to pay the penalty amount.
SEBI has directed these institutions to pay Rs 25.75 crore each in six separate notices. This includes interest and recovery costs. Apart from this, their bank accounts will also be linked.
Why did you get the notice after all?
In August this year, SEBI had banned businessman Anil Ambani, former CEOs of Reliance Home Finance and 24 other entities for five years for misappropriating company funds. Was imposed. He was also banned from holding directorship or key management position in any listed company or intermediaries registered with the market regulator for five years.
Banned for 6 months
Also, the regulator banned Reliance Home Finance from the securities market for six months and imposed a fine of Rs 6 lakh on it. SEBI, in its 222-page final order, said Anil Ambani embezzled the amount with the help of key management level employees of RHFL. These amounts were shown as if the units linked to them had taken loans from the company.
However, the Board of Directors of RHFL issued strict instructions to stop such loan activities and regularly reviewed the company. But the company management ignored these orders.
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