Trouble for Anil Ambani, Sebi orders attachment of bank, demat accounts of his company to recover...

Anil Ambani, Reliance Group chairman, received bad news on Monday as Sebi ordered the attachment of bank accounts, shares and mutual fund holdings of Reliance Big Entertainment to recover dues of Rs 26 crore. The attachment notice came after Reliance Big Entertainment failed to pay the fine imposed on it by the markets watchdog.

The markets regulator had earlier asked the entity to pay dues within 15 days in a case pertaining to the illegal diversion of funds in the matter of Reliance Home Finance Ltd (RHFL). On November 14, Sebi sent a notice to Reliance Big Entertainment Pvt Ltd (now known as Rbep Entertainment Pvt Ltd) regarding the matter.

Going by the notice, dues of Rs 26 crore were pending with Reliance Big Entertainment, which included interest and recovery costs. As per the notice, Sebi said there is sufficient reason to believe that the defaulter may dispose of the bank accounts and securities in the demat accounts or mutual fund folios and "realisation of the amount due under the certificate would, in consequence, be delayed or obstructed".

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Accordingly, Sebi asked all banks, depositories, and mutual funds not to allow any debit from the accounts. Last week, the regulator sent attachment notices to three entities to recover dues totalling Rs 78 crore for the illegal diversion of funds from the firm. The entities are, Adhar Project Management and Consultancy Pvt Ltd, Indian Agri Service Pvt Ltd and Mohanbir Hi-Tech Build Pvt Ltd. In August this year, Sebi had barred industrialist Anil Ambani, 24 other entities, including former key officials of Reliance Home Finance, from the securities market for five years for diversion of funds from the company.

(With inputs from PTI)