look news india
Currently, Anil Ambani's company Reliance Infra's shares are witnessing a rise after its debt reduced by 85 percent. The news of loan reduction had such an impact that Reliance Infra's shares reached a 52-week high of Rs 335. Apart from this, Reliance Power shares also closed at a 52-week high of Rs 38.16 on Monday with a continuous rise. The younger Ambani's car, which was going through a bad phase for the last few years, started coming back on track and there was an atmosphere of happiness in the house due to increased investor confidence and the company's market cap. After Reliance Power's loan waiver and Reliance Infra's debt reduced by 86 percent, Anil Ambani is trying to raise funds. But in the midst of all this, he has now suffered a big setback. It seems that his happiness has been jinxed.
one crore fine
SEBI, the market regulator, has imposed a fine of Rs 1 crore on Anil Ambani's son Anmol Ambani. SEBI has imposed this fine for approving general purpose corporate loans without investigating the case of Reliance Home Finance. Apart from this, SEBI has imposed a fine of Rs 15 lakh on Reliance Housing Finance's Chief Risk Officer (CRO) Krishnan Gopalakrishnan. SEBI has said in its order that both will have to deposit the fine amount within 45 days.
25 crore fine on Chota Ambani
This order of SEBI has come after SEBI banned Anil Ambani and 24 others from the securities market for five years in a case related to manipulation of funds of Reliance Home Finance Limited in August. Apart from this, a fine of 25 crores was also imposed on them. SEBI said that Anmol Ambani, who is on the board of directors of Reliance Home Finance, has approved general purpose corporate loans or GPCL loans. He did this when the company's board of directors made it clear that such loans would not be allowed.
20 crore loan approved
On 14 February 2019, Anmol Ambani sanctioned a loan of Rs 20 crore to Acura Productions Private Limited. Whereas the Board of Directors had instructed in its meeting on 11 February 2019 that no loan of GPCL should be given to the management. SEBI said in the notice that Anmol Ambani is the director of the company but he has run the company as per his wish. He has worked beyond his role and by doing so has shown that he is working for his own benefit and not in the interest of the shareholders of the company.