look news india
New Delhi, 18 October (Hindustan Reporter). The Securities Appellate Tribunal (SAT) on Friday slapped charges against Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani on behalf of the Securities and Exchange Board of India (SEBI) over his alleged involvement in the Reliance Home Finance Ltd (RHFL) fund-diversion case. Conditional stay has been imposed on the fine of Rs 25 crore.
A bench led by Justice Dinesh Kumar said in its order that the penalty amount (Rs 25 crore) should not be recovered subject to 50 per cent of the deposited amount within four weeks.
Earlier, SEBI had banned Anil Ambani and 24 other entities, including former key executives of Reliance Home Finance, from the securities market for five years for diversion of funds from RHFL.