Mumbai Mumbai: The Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 26 crore on Reliance Big Entertainment for non-payment of penalty imposed by the capital markets regulator. The company had earlier failed to pay the fine in a case related to illegal diversion of funds. Sebi had issued a demand notice to Reliance Big Entertainment over non-payment of Rs 25 crore fine imposed by the regulator in August this year. SEBI has directed the entity to pay Rs 26 crore including interest and recovery costs within 15 days. If Reliance Big Entertainment fails to make the payment within the stipulated deadline, the regulator can seize its assets, including bank accounts.
In August this year, the market regulator had banned industrialist Anil Ambani and 24 other entities for five years for diverting funds from Reliance Home Finance Ltd (RHFL). SEBI also imposed a fine of Rs 25 crore on Ambani and banned him from holding any position in the securities market, including the roles of director or key managerial personnel in listed companies, for the same period. In the 222-page order, SEBI said Anil Ambani, with the help of key managerial personnel of RHFL, hatched a fraudulent scheme to siphon off funds from RHFL, which he presented in the form of loans to entities linked to him.
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