Businessman Anil Ambani is reviewing a recent directive issued by the Securities and Exchange Board of India (SEBI) that fines him and bars him from participating in the capital markets for five years over an alleged misappropriation of funds. His spokesman said on Sunday that Ambani would take appropriate legal action based on legal advice received by him.
According to a statement by his spokesperson, Anil Ambani has resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd following SEBI’s interim order dated February 11, 2022 in the Reliance Home Finance Ltd case.
Also Read: SEBI bans Anil Ambani for 5 years for misappropriation of funds, imposes fine of Rs 25 crore.
According to a report by PTI, “he has been complying with the said interim order (dated February 11, 2022) for the past two and a half years,” the statement said. On the August 22 order that barred him and 24 others from entering the securities market for five years on charges of misappropriation of funds, the spokesperson said, “Mr. Ambani is reviewing the final order dated August 22, 2024, passed by Sebi in the said matter and will take appropriate next steps as per legal advice.”
Also read | What does SEBI do?: Everything you need to know about the regulator.
SEBI has also imposed a fine of Rs 25 crore on Ambani and accused him of orchestrating a conspiracy to “divert” funds from Reliance Home Finance, a listed subsidiary of the Reliance Group, of which he is chairman. The ban imposed bars Ambani and 24 others from accessing the securities market and prohibits them from buying, selling or otherwise engaging directly or indirectly in securities transactions.
In a separate statement, Mumbai-listed Reliance Infrastructure Ltd clarified that it was neither a party nor an interested party to the SEBI proceedings related to the recent order. The company stressed that the order did not contain any directions against Reliance Infrastructure Ltd.
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