Businessman Anil Ambani is reviewing a recent Securities and Exchange Board of India (SEBI) directive that imposes a fine and prohibits him from participating in capital markets for five years due to an alleged fund diversion issue. His spokesperson stated on Sunday that Ambani will take suitable legal actions based on forthcoming legal advice.
According to a statement from his spokesperson, Anil Ambani had resigned from the boards of Reliance Infrastructure Ltd and Reliance Power Ltd following SEBI's interim order dated February 11, 2022, related to the Reliance Home Finance Ltd case.
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According to a report of PTI, He "is in compliance with the said interim order (of February 11, 2022) for the last two and half years", the statement said. On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion 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 legally advised."
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SEBI has also levied a Rs 25 crore fine on Ambani, accusing him of orchestrating a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of the Reliance Group, of which he is chairman. The imposed ban restricts Ambani, along with 24 others, from accessing the securities market and prohibits them from buying, selling, or otherwise engaging in securities transactions, either directly or indirectly.
In a separate statement, Reliance Infrastructure Ltd, which is listed in Mumbai, clarified that it was not a noticee or party to the SEBI proceedings related to the recent order. The company emphasized that the order does not include any directions against Reliance Infrastructure Ltd.