New Delhi Market regulator SEBI has taken major action against Reliance Group on Wednesday. SEBI has served notice to 6 more units including the promoter unit of Reliance Home Finance. Through this notice, Reliance Group has been asked to pay Rs 154.50 crore. This notice has been given to the company for misappropriation of funds.
Securities and Exchange Board of India i.e. SEBI has asked these units to make the payment within 15 days. Failure to do so has warned of confiscation of property and bank accounts. The units to which notices have been sent include Crest Logistics and Engineers Pvt. Ltd. That means now CLE Pvt Ltd, Reliance Unicorn Enterprises Pvt Ltd, Reliance Exchange Next Ltd, Reliance Commercial Finance Ltd, Reliance Business Broadcast News Holdings Ltd. And Reliance Cleangen Ltd. Are included.
6 different notices
Demand notice has come for failure of these units to pay the fine. The regulator has ordered these entities to pay Rs 25.75 crore each in six separate notices. This includes interest and recovery costs.
Was banned for 5 years
In case of non-payment of dues, the regulator will recover the amount by attaching the movable and immovable properties of these units and selling them. Apart from this, their bank accounts will also be attached. In August this year, SEBI had banned industrialist Anil Ambani, former key officials of Reliance Home Finance and 24 other entities from market regulator SEBI for 5 years for misappropriation of funds from the company.
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Ambani fined Rs 25 crore
SEBI had imposed a fine of Rs 25 crore on Ambani. He was also barred from holding key positions at the director or managerial level in any listed company or registering with the market regulator for intermediaries. Also, the regulator has banned Reliance Home Finance Ltd. That means RHFL was banned from the securities market for 6 months and a fine of Rs 6 lakh was imposed on it.
Ignored orders
SEBI said in the 222-page final order that Anil Ambani misappropriated the amount with the help of key management level employees of RHFL. This amount was shown as if the units associated with them had taken loans from the company. However, the Board of Directors of RHFL had issued strict instructions to stop such loan activities and regularly reviewed the company. But the company's management ignored these orders.
(with agency input)
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