Chairman, Reliance Group Anil Ambani is reviewing “appropriate” options after the Securities and Exchange Board of India (Sebi) banned it from operating in the stock markets and fined it Rs 25 crore for allegedly diverting funds from Reliance Home Finance (RHFL), a erstwhile subsidiary of Reliance Capital.
In a statement, a spokesperson for Ambani said he had resigned from the boards of Reliance Infrastructure and Reliance Power in accordance with Sebi’s interim order dated February 11, 2022.
“Ambani is reviewing the August 22 final order passed by Sebi in the matter and will take appropriate action as legally advised,” the statement said.
In a separate statement, Reliance Infrastructure said the company was neither served nor a party to the proceedings before Sebi in which the order was passed.
“No directions have been issued against Reliance Infrastructure. Anil Ambani had resigned from the board 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 on the business and affairs of Reliance Infrastructure,” the statement said.
In an identical statement, Reliance Power said it was neither served nor a party to the proceedings before Sebi in which the order was passed.
“The order against Reliance Power does not contain any direction. Anil Ambani had resigned from the board of Reliance Power pursuant to the interim order dated February 11, 2022, passed by Sebi in the same proceeding. Therefore, the order dated August 22 passed by Sebi has no bearing on the business and affairs of Reliance Power,” the statement said.
On August 22, Sebi imposed a fine of Rs 624 crore on 27 individuals and entities, including Ambani, his group companies and his former directors, for allegedly siphoning off funds from RHFL.
On August 22, Sebi also banned Ambani and 24 others from accessing the stock market and holding key positions in any listed company or its associates for five years.
First published: August 25, 2024 | 16:16 IS
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