Following the ban by the market regulator SEBI, crisis-hit businessman Anil Ambani is now reviewing the decision that imposed a fine and a five-year ban on him from participating in the securities market.
He will initiate the appropriate next steps based on the legal advice, his spokesman said on Sunday.
“Mr. Ambani is reviewing the final order of Sebi dated August 22, 2024 in the said matter and will take appropriate next steps as per legal advice,” the spokesperson said.
Ambani has resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd following Sebi’s interim order dated February 11, 2022 relating to matters related to Reliance Home Finance Ltd, the spokesperson said in a statement.
He said Ambani “has been complying with the said interim order (dated February 11, 2022) for two and a half years.”
In a separate statement, Reliance Infrastructure said it was neither a party nor a participant in the proceedings before Sebi in which the order was passed.
“No directions have been issued against Reliance Infrastructure. Anil Ambani has 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 issued by Sebi has no impact whatsoever on the business and affairs of Reliance Infrastructure,” the statement added.
Reliance Power further stated that it was neither a party nor a participant in the proceedings before Sebi during which the order was passed.
“No directions were given in the order against Reliance Power. Anil Ambani had resigned from the board of Reliance Power vide 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 on the business and affairs of Reliance Power,” the statement said.
It is to be noted that on August 22, Sebi imposed a penalty of Rs 624 crore on 27 individuals and entities, including Ambani, his group companies and their former directors, for allegedly diverting funds from Reliance Home Finance (RHFL).
Sebi also banned Anil Ambani and 24 others from entering the securities market and holding key positions in listed companies or their associates for five years. The penalty imposed on Ambani is Rs 250 million.
