NEW DELHI, Aug 26: Days after market regulator SEBI barred industrialist Anil Ambani and 24 other entities from the securities market for a period of 5 years in the case of “diversion of funds” from Reliance Housing Finance Limited (RHFL), the company spokesperson said “Ambani is reviewing the Final Order dated 22 August 2024 passed by SEBI in the said matter, and will take appropriate next steps as legally advised.”
The spokesperson also said that Ambani had resigned from the board of directors of Reliance Infrastructure Limited and Reliance Power Limited pursuant to Securities and Exchange Board of India’s (SEBI) interim order dated 11 February 2022 in the matter of RHFL, and is in compliance with the said interim order for the last two and a half years.
In its “Final Order in the matter of Reliance Home Finance Limited”, the SEBI said the findings of this Order have established the existence of a “fraudulent scheme”, orchestrated by Noticee No. 2 (Anil D. Ambani) and administered by the Key Managerial Persons (KMPs) of RHFL, to siphon off funds from the public listed company (RHFL) by structuring them as ‘loans’ to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be ‘promoter linked entities’ i.e. entities associated/ linked with Noticee 2 (Anil Ambani).
The regulator has also imposed a financial penalty of Rs 25 crore on Ambani to be paid within 45 days of this order.
The spokesperson also said on behalf of Reliance Infrastructure Limited that SEBI has passed its final order dated 22nd August 2024 in respect of Reliance Home Finance Ltd & Ors.
Reliance Infrastructure Ltd was not a noticee or party to the proceedings before SEBI in which the Order is passed. No “directions” are given in the Order against Reliance Infrastructure Ltd.
“Anil Ambani had resigned from the board of directors of Reliance Infrastructure Ltd. pursuant to the interim order dated 11th February 2022 passed by SEBI in the same proceedings. Therefore, the Order dated 22nd August 2024 passed by the SEBI has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd,” the spokesperson added.
Similarly, on behalf of another group entity that Reliance Power Limited, the spokesperson said SEBI has passed its final order dated 22nd August 2024 in respect of RHFL and Others.
“Reliance Power Ltd was not a noticee or party to the proceedings before SEBI in which the Order is passed. No directions are given in the Order against Reliance Power Ltd. Anil Ambani had resigned from the board of directors of Reliance Power Ltd pursuant to the interim order dated 11th February 2022 passed by SEBI in the same proceedings.
Therefore, the Order dated 22nd August 2024 passed by the SEBI has no bearing whatsoever on the business and affairs of Reliance Power Ltd,” the spokesperson said. (UNI)
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