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Anil Ambani’s son Jai Anmol faces Rs 1 crore penalty from Sebi over Reliance Home Finance case

Northeast NewsbyNortheast News
September 24, 2024
in Business
Jai Anmol ambani
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Markets regulator Securities and Exchange Board of India (Sebi) imposed a penalty of Rs 1 crore on Jai Anmol Ambani, son of Anil Ambani, for alleged irregularities in Reliance Home Finance.

Jai Anmol did not exercise reasonable due diligence with respect to the entire GPCL(general purpose working capital ) lending and the onward lending by these GPCL entities to other Reliance ADAG group companies including Reliance Capital, the markets regulator alleged.

“It is clearly evident that Noticee 1 (Jai Anmol Ambani) is misrepresenting with an intent to downplay his role in the entire episode. It is clear that the emails were sent to him with exact word “approval”, thus seeking approval and Noticee 1 responded to both the emails with the same word “okay”, granting his approval,” Sebi stated.

According to the market regulator, Jai Anmol was involved in the day-to-day functioning of the company and was also approving GPCL loans to promoter-related entities.

It said, “His submission that he was not involved in day-to-day affairs of the Company cannot be accepted.”

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This comes as Sebi barred Anil Ambani from the securities market for five years for allegedly being involved in ‘fraudulent scheme’ that led to diversion of funds from Reliance Home Finance five years ago.

Sebi also imposed a penalty of Rs 25 crore on Anil Ambani and restrained him from holding key managerial or directorial roles in any listed company or market intermediary for five years.

Tags: Jai Anmol AmbaniReliance Home FinanceSecurities and Exchange Board of India
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