Anil Ambani reviewing securities market ban, to take appropriate steps

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2 min read Last Updated : Aug 25 2024 | 10:54 PM IST

Reliance Group chairman Anil Ambani is reviewing “appropriate” options after the Securities and Exchange Board of India (Sebi) banned him from the stock markets and imposed a Rs 25-crore fine for alleged fund diversion from Reliance Home Finance (RHFL), a former subsidiary of Reliance Capital.


In a statement, a spokesperson for Ambani said he had resigned from the boards of Reliance Infrastructure and Reliance Power pursuant to the Sebi interim order dated February 11, 2022.


“Ambani is reviewing the final order dated August 22 passed by Sebi in the matter, and will take appropriate steps as legally advised,” the statement said.


In a separate statement, Reliance Infrastructure said the company was not a noticee or party to the proceedings before Sebi in which the order was passed.


“No directions are given against Reliance Infrastructure. Anil Ambani had resigned from the board of directors of Reliance Infrastructure pursuant to the interim order dated February 11, 2022, passed by Sebi in the same proceedings,” the statement said.


“Therefore, the order dated August 22, 2024, passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure,” the statement said.


In an identical statement, Reliance Power said it was not a noticee or party to the proceedings before the Sebi in which the order was passed.


“No directions are given in the order against Reliance Power. Anil Ambani had resigned from the board of Reliance Power pursuant to the interim order dated February 11, 2022, passed by the Sebi in the same proceedings. Therefore, the order dated August 22 passed by the Sebi has no bearing whatsoever on the business and affairs of Reliance Power,” the statement said.


On August 22, the Sebi had imposed a penalty of Rs 624 crore on 27 individuals and entities, including Ambani, his group firms, and their former directors, for allegedly siphoning funds from RHFL.


On August 22, the Sebi had also barred Ambani and 24 others from accessing the securities market and holding key positions in any listed firm or its associates for five years.




 

First Published: Aug 25 2024 | 4:16 PM IST