Sebi issues Rs 260 mn notice to Reliance Big Entertainment in RHFL case

18 Nov 2024 CW Team

The capital markets regulator, Sebi, has instructed Reliance Big Entertainment (now renamed Rbep Entertainment) to pay a fine of Rs 260 million for failing to settle penalties imposed earlier in a case related to the illegal diversion of funds. Sebi warned that the company's assets, including bank accounts, would be attached if the payment was not made within 15 days of the notice issued.

The notice followed Reliance Big Entertainment's failure to pay a Rs 250 million penalty imposed in August. In the demand notice, Sebi required the company to pay Rs 260 million, inclusive of interest and recovery costs, within the specified timeframe.

Earlier in August, Sebi barred industrialist Anil Ambani and 24 others from accessing the securities market for five years due to allegations of fund diversion from Reliance Home Finance (RHFL). Sebi also imposed a Rs 250 million fine on Ambani and prohibited him from holding directorial or Key Managerial Personnel (KMP) positions in any listed company for the same duration.

In early November, Sebi issued demand notices to six entities, including RHFL's promoter entity, Crest Logistics and Engineers (now renamed CLE), directing them to pay Rs 1.54 billion. Last week, Sebi further instructed six entities, including RHFL and its former officials, to pay penalties amounting to Rs 1.29 billion.

Sebi ordered Mohanbir Hi-Tech and Indian Agri Services to pay Rs 520 million in fines related to the illegal diversion of funds from RHFL.

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