Anil Ambani reviews SEBI order; To take legal action

27 Aug 2024 CW Team

Businessman Anil Ambani is currently reviewing a SEBI order that bars him from participating in capital markets for five years and will determine his next steps based on legal advice, according to a statement from his spokesperson. Following SEBI's interim order dated February 11, 2022, related to Reliance Home Finance Ltd, Ambani had already resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd.

The statement highlighted that Ambani has been complying with the interim order for the past two and a half years.

Regarding the August 22 order, which prohibits him and 24 others from the securities market for five years due to allegations of fund diversion, the spokesperson stated, "Mr. Ambani is reviewing the final order dated August 22, 2024, issued by SEBI in this matter, and will take appropriate next steps as legally advised."

SEBI has also imposed a fine of Rs 250 million on Ambani, accusing him of orchestrating a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of the Reliance Group, of which he is chairman. The ban prevents Ambani and the other 24 individuals from accessing the securities market, including buying, selling, or dealing in securities, either directly or indirectly. (ET)

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