Vikrant Shekhawat : Aug 23, 2024, 03:40 PM
Anil Ambani News: The country's leading industrialist Anil Ambani has suffered a major setback. Market regulator SEBI has banned him from the securities market for 5 years. This ban has also been imposed on 24 other entities including Anil Ambani.SEBI has also imposed a penalty of Rs 25 crore on all of them. Along with this, Anil Ambani's company Reliance Home Finance (RHFL) has also been fined Rs 6 lakh and banned for 6 months. This action has been taken on the charge of fund diversion from the company. SEBI found that Anil Ambani had hatched a fraudulent scheme with the help of RHFL's key managerial personnel, under which the company's funds were hidden and given as loans to the concerned entities.After this news, shares of Anil Ambani's company Reliance Power also registered a huge decline. This move of SEBI has dealt a big blow to Ambani not only financially but also on business credibility.Why was the ban imposed?Actually, SEBI has taken major action against them on the charge of fund diversion from the company. SEBI has imposed a fine of Rs 25 crore on Anil Ambani and has barred him from engaging in the securities market as a director or key managerial personnel in any listed company or any intermediary registered with the market regulator for a period of 5 years.Sharp fall in sharesAs soon as the news of SEBI came, Anil Ambani's company Reliance Power registered a sharp decline. At 12 noon, Reliance Power's share fell by more than 5 percent. Reliance Power's shares were witnessing a strong rise for the last 3 days. As soon as the news of SEBI came, it crashed.This is the whole matterIn the 22-page final order from SEBI, it was said that Anil Ambani, with the help of RHFL's key managerial personnel, had hatched a fraudulent scheme to withdraw funds from RHFL, which he had hidden in the form of loans to his associated entities. Although the board of directors of RHFL had issued strict directions to prevent such lending practices and regularly audited corporate loans, the company's management ignored these orders. This shows that there is a significant failure in governance, driven by some key managerial personnel under the influence of Anil Ambani."