The luck of Anil Ambani was going in downgrade direction from the date court has declared his companies as NPA . SEBI has fined 25 crore for and also barred him for 5 years from doing transaction in the stock market.
For the third straight session, shares of Reliance Power and Reliance Home Finance dropped to a 5% lower circuit. The dramatic drop occurs after promoter Anil Ambani was barred from the securities market for five years on August 22 by market regulator Securities and Exchange Board of India (SEBI).
Ambani and 24 other organizations—including former senior executives of Reliance Home Finance—were banned for allegedly stealing money from the business.
In addition, Reliance Home Finance has been fined Rs 6 lakh by SEBI and is not allowed to trade on the securities market for six months.
The regulator concluded in its 222-page final ruling that Ambani had carried out a fraudulent plan to siphon off money from the mortgage lender and disguise it as a loan to firms affiliated with him, with the help of key administrative officials at Reliance Home Finance. Regarding the regulator’s order, Reliance Power has provided an explanation.
Reliance Power Ltd did not receive notice of or participate in the Sebi proceedings that resulted in the passing of the Order. The Order makes no recommendations regarding Reliance Power Ltd. It stated that Anil Ambani had left the Reliance Power Ltd. board of directors in accordance with the interim order issued by SEBI on February 11, 2022, in connection with the same proceedings.
consequently, “the order dated August 22, 2024 passed by the SEBI has no bearing whatsoever on the business and affairs of Reliance Power Ltd,” the organization stated.