A spokesperson for Anil Ambani He said that he had resigned from the board of directors of Reliance Infrastructure and Reliance Power in accordance with SEBI’s interim order dated February 11, 2022, in the Reliance Home Finance matter and has been in compliance with the said interim order for the last two and a half years.
“Ambani is reviewing the final order dated August 22, passed by SEBI in the said matter, and will take appropriate next steps as per legal advice,” the statement said.
According to the SEBI investigation, Anil Ambani, along with key management personnel of Reliance Home Finance, organised a fraudulent scheme to siphon off funds from the listed company. According to SEBI, Reliance Home Finance structured loans to non-creditworthy entities and subsequent borrowers who were promoter-linked entities, leading to erosion of Reliance Home Finance’s finances once the loans were declared non-performing assets (NPAs).
Accordingly, the market watchdog has banned Reliance Home Finance from trading in the securities markets for six months and Anil Ambani has been banned from trading in the securities market for five years. He has also been banned from being a director or any key member of the management staff of a listed entity or any SEBI intermediary for five years.
Reliance Infrastructure, in a separate statement, said the company was neither served nor a party to the proceedings before SEBI in which the order was passed. “No directions were issued against Reliance Infrastructure. Anil Ambani had resigned from the board of directors 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,” it added.
In a separate statement, Reliance Power said it was not a party to the proceedings before SEBI in which the order was passed. “No directions were given in the order against Reliance Power. Anil Ambani had resigned from the board of directors of Reliance Power pursuant to the interim order dated February 11, 2022, passed by SEBI in the same proceedings. Therefore, the order dated August 22, passed by SEBI, has no bearing whatsoever on the business and affairs of Reliance Power,” it added.
Shares of Reliance Infrastructure fell 10.99% to ₹209.99, while shares of Reliance Power closed 5% lower at ₹34.48.
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