INSUBCONTINENT EXCLUSIVE:
26, 2017 file photo, Anil Ambani, Chairman of Reliance Communication, addresses a press conference in Mumbai
The Supreme Court on Wednesday, April 10, 2024
(PTI Photo) (2 min read Last Updated : Oct 14 2024 | 11:05 PM IST
Anil Ambani, chairman of the Reliance Group, has filed a plea in the
Securities Appellate Tribunal (SAT) against an order by the Securities and Exchange Board of India (Sebi) on Reliance Home Finance (RHFL),
imposing a total penalty of Rs 625 crore on 26 individuals.
The penalty imposed on Ambani was Rs 25 crore, while he was also debarred
from the market for five years
In an order dated August 22, Sebi had alleged siphoning off of money from RHFL by doling out loans to borrowers linked with the
promoters.Click here to connect with us on WhatsApp
Sebi had also added that it will determine the quantum of illegal gains made by the
connected pleas.
Reliance Commercial Finance, a subsidiary of Reliance Capital, and RFHL former chief financial officer (CFO) Pinkesh
Shah have also challenged the Sebi order in the tribunal in separate pleas.
Sebi had imposed a penalty of Rs 25 crore on Reliance
Commercial Finance, while the penalty on Shah was Rs 21 crore
He was also restricted from accessing the market and taking any key role in other companies for five years.
The matter pertains to
general purpose working capital loans (GPCL) disbursed by RHFL during 2018 and 2019
The regulator found several irregularities, violations and disclosures lapses at RHFL
The loans extended by RHFL had increased significantly to Rs 8,670 crore in 2018-19 from that of Rs 3,742 crore in 2017-18.
As per the
Sebi order, the total outstanding amount which was pending to be received by RHFL stood at Rs 6,931 crore.First Published: Oct 14 2024 |
