Sebi Bars Anil Ambani, RHFL, 3 Execs from Securities Market

The Securities and Exchange Board of India (Sebi) Friday barred Reliance Home Finance Ltd (RHFL), Industrialist Anil Ambani and three other individuals from dealing in the securities market directly or indirectly for allegedly indulging in fraudulent activities related to the firm. The regulator has also restrained Ambani and the three individuals from associating themselves with any listed company or intermediary or from acting as director or promoter of any listed firm till further orders.

The other individuals are three of Reliance Home’s senior executives Amit Bapna, Ravindra Suhakar and Pinkesh R Shah.

Sebi alleged that the company indulged in diversion of funds and misrepresentation of books of accounts and falsification of financial statements resulting in non-disclosure of true and fair information to the public at large.

“It is noted that the investigation of Sebi has already brought to light as to how the Notice no. 2(Anil Ambani), (the Promoter/Chairman and the person under whose control and influence the Company has acted), has conducted himself in exceeding his remit by sanctioning loans in gross deviation of norms (internal as well as regulatory) and also by going against the explicit directives of the Board of Directors by virtue of which such loans ought to have been stopped from being sanctioned, he sanctioned further GPCL ( general purpose corporate loan) to various connected entities,” Sebi said in its 100 page order released late on Friday.

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