Anil Ambani Reviews SEBI Ban, Plans Legal Next Steps

Business tycoon Anil Ambani is meticulously reviewing the Securities and Exchange Board of India (SEBI) order that bans him from capital markets for five years. The ban, which stems from an alleged fund diversion case involving Reliance Home Finance Ltd (RHFL), has also imposed a hefty fine of ₹25 crore on Ambani. As per a statement from his spokesperson, Ambani is considering appropriate legal steps in response to the SEBI order, dated August 22, 2024.

The SEBI order accuses Ambani of orchestrating a scheme to siphon off funds from RHFL, a company under the Reliance Group, which he chairs. Alongside Ambani, 24 other executives connected to the Reliance Group have also been barred from the securities market. The ban restricts their ability to engage in any securities transactions, including buying, selling, or dealing in securities directly or indirectly.

In a separate development, Ambani had resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd, following an earlier SEBI interim order dated February 11, 2022. The companies, in their statements, clarified that the SEBI’s latest order has no impact on their operations, as Ambani’s resignation had already occurred.

SEBI’s investigation revealed that over ₹9,000 crore in loans were diverted from RHFL to entities that lacked the financial capacity to repay. Most of these entities were linked to the promoters, including Ambani. This fraudulent scheme significantly contributed to the financial distress of the Reliance Group companies, many of which have faced bankruptcy proceedings in recent years.

The order marks a significant blow to Anil Ambani, who once controlled a vast business empire after splitting from his brother Mukesh Ambani in 2006. However, over the years, several of Anil Ambani’s key companies, including Reliance Communications, Reliance Capital, and Reliance Infrastructure, have crumbled under the weight of debt.

As Ambani evaluates his legal options, the repercussions of this order could have far-reaching implications for the business magnate and his remaining ventures.

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