MUMBAI: Anil Ambani, who has been banned by Sebi from accessing the securities market for five years on fund diversion charges, is reviewing legal options, his spokesperson said on Sunday.
In a statement, the spokesperson said that Ambani is reviewing the Aug 22 order passed by Sebi in the Reliance Home Finance matter and will take appropriate steps as legally advised.Reliance Home Finance is now a part of Authum Investment and Infrastructure, owned by market operator Sanjay Dangi.
Ambani can appeal against the Sebi order before the Securities Appellate Tribunal (SAT), according to the legal redressal process.
Ambani’s spokesperson further said the chairman of Reliance-Anil Ambani Group had resigned from the boards of Reliance Infrastructure and Reliance Power following Sebi’s interim order dated February 11, 2022 in the Reliance Home Finance matter and has been complying with the directive for the last two and a half years. Reliance Infrastructure and Reliance Power said that they are not parties to Sebi’s final order and hence the August 22 directive has no bearing on their businesses.
Apart from barring Ambani from accessing the securities market for five years, Sebi has asked him not to hold any key position in any listed entity, also for five years. Sebi has also imposed a fine of Rs 25 crore on Ambani, accusing him of being the mastermind behind the fraudulent scheme of siphoning off funds from Reliance Home Finance to borrowers, most of them linked to the ex-billionaire.
Ambani’s business group was created in July 2006 after certain businesses such as financial services, energy and telecommunications were separated from the Reliance Industries Group. Heavy debt load and losses forced the Anil Ambani Group to sell some of his mainstay businesses.
In a statement, the spokesperson said that Ambani is reviewing the Aug 22 order passed by Sebi in the Reliance Home Finance matter and will take appropriate steps as legally advised.Reliance Home Finance is now a part of Authum Investment and Infrastructure, owned by market operator Sanjay Dangi.
Ambani can appeal against the Sebi order before the Securities Appellate Tribunal (SAT), according to the legal redressal process.
Ambani’s spokesperson further said the chairman of Reliance-Anil Ambani Group had resigned from the boards of Reliance Infrastructure and Reliance Power following Sebi’s interim order dated February 11, 2022 in the Reliance Home Finance matter and has been complying with the directive for the last two and a half years. Reliance Infrastructure and Reliance Power said that they are not parties to Sebi’s final order and hence the August 22 directive has no bearing on their businesses.
Apart from barring Ambani from accessing the securities market for five years, Sebi has asked him not to hold any key position in any listed entity, also for five years. Sebi has also imposed a fine of Rs 25 crore on Ambani, accusing him of being the mastermind behind the fraudulent scheme of siphoning off funds from Reliance Home Finance to borrowers, most of them linked to the ex-billionaire.
Ambani’s business group was created in July 2006 after certain businesses such as financial services, energy and telecommunications were separated from the Reliance Industries Group. Heavy debt load and losses forced the Anil Ambani Group to sell some of his mainstay businesses.
