Sebi issues Rs 154 crore demand notices to Anil Ambani's companies, asks them to pay within...

Anil Ambani, brother of Mukesh Ambani and Reliance Group chairman, often hit headlines these days. The former billionaire appears to make a comeback as his few companies have reduced their debt. Even Reliance Power recently became debt-free. However, amid all this, Anil Ambani faces trouble a few times. Now, market regulator, Sebi has sent demand notices to six entities, including Reliance Home Finance's promoter entity, asking them to pay Rs 154.50 crore for diversion of funds from the company.

The demand notices came after these entities failed to pay the fine imposed on them by Sebi in August 2024. The regulator now warned these entities for attachment of assets and bank accounts if they fail to make the payment within 15 days. Those who have been sent notices are Crest Logistics and Engineers Pvt Ltd (Now Known as CLE Pvt Ltd), Reliance Unicorn Enterprises Pvt Ltd, Reliance Exchange Next Ltd, Reliance Commercial Finance Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Cleangen Ltd.

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In six separate notices, the markets watchdog directed these six entities to pay Rs 25.75 crore each. This includes interest and recovery costs within 15 days. In the event of non-payment of dues, the market regulator will recover the amount by attaching and selling the moveable and immovable property of these entities. Besides, they face attachment of their bank accounts. 

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.

Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from being associated with the securities market including as a director or Key Managerial Personnel (KMP) in any listed company, or any intermediary registered with the market regulator, for a period of 5 years. Also, the regulator barred Reliance Home Finance Ltd (RHFL) from the securities market for six months and slapped a fine of Rs 6 lakh on it.

(With inputs from PTI)