NEW DELHI: Anil Ambani is reviewing the Securities and Exchange Board of India (SEBI) order imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday.
Ambani had resigned from the board of Reliance Infrastructure and Reliance Power, pursuant to SEBI's interim order dated February 11, 2022 in the matter pertaining to Reliance Home Finance Ltd. Ambani “is in compliance with the said interim order (of February 11, 2022) for the last two and half years,” the statement added.
On the order that banned him 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.” SEBI had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to “siphon off” funds from Reliance Home Finance, a listed subsidiary of conglomerate Reliance Group of which he is chairman.
In a separate statement, Reliance Infrastructure said it “was not a notice or party to the proceedings before SEBI in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd”. “Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by SEBI in the same proceedings. Therefore, the order dated August 22, 2024 passed by SEBI has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd,” it said.