Mumbai: Anil Ambani has been barred from participating in financial markets, including the stock market, by the Securities and Exchange Board of India (SEBI), along with Reliance Home Finance and three other senior executives, Amit Babna, Ravindra Sudhakar and Bingesh R Shah. Is charged.
The ban was imposed on the grounds that they were involved in financial fraud, SEBI said. Further, the 100-page interim order of SEBI said that the banned persons including Anil Ambani, persons registered with SEBI, companies listed on the Stock Exchange, directors of those companies and promoters should not be contacted.
SEBI has been involved in a detailed investigation into Reliance Home Finance’s lending to a number of companies during the period 2018-2019. Reliance Home Finance, which has lent to a number of companies with very weak finances; It is said that Anil Ambani was first associated with the trio.
The borrowers are said to be affiliated with Anil Ambani’s Reliance Capital. These companies have been used as a way to divert funds. Notices have been sent to 28 companies and individuals involved.
The amount of loans provided by Reliance Home Finance as on March 31, 2018 was Rs 900 crore. According to SEBI, this has increased exponentially to Rs 7,900 crore as on March 31, 2019.
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