SEBI Imposes ₹26 Crore Fine On Reliance Big Entertainment For Fund Diversion | Representative Image/File
Capital markets regulator Sebi has asked Reliance Big Entertainment to pay Rs 26 crore in fines for failing to clear penalties imposed by the regulator in a case pertaining to illegal diversion of funds.
The regulator also warned that assets, including bank accounts, of Reliance Big Entertainment Pvt Ltd (now known as Rbep Entertainment Pvt Ltd) will be attached if they fail to make the payment within 15 days of the notice issued on Thursday.
Warning of Asset Attachment for Non-Payment within 15 Days
The notice was issued after the entity (Reliance Big Entertainment) failed to pay the Rs 25 crore fine imposed by the regulator in August this year.
In the demand notice, Sebi directed the entity to pay Rs 26 crore, including interest and recovery costs within 15 days.
In August this year, the markets watchdog barred industrialist .l Amb. and 24 others from the securities market for five years on charges of diversion of funds from RHFL.
.l Amb. and 24 Others Barred from Securities Market for Five Years
Additionally, Sebi has imposed a penalty of Rs 25 crore on Amb. and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company entity for five years.
In early November, Sebi issued demand notices to six entities, including RHFL’s promoter entity Crest Logistics and Engineers (now known as CLE Pvt Ltd), and asked them to pay Rs 154.50 crore.
Last week, Sebi asked six entities, including RHFL and former company officials, to pay Rs 129 crore in penalties.
On Tuesday, the markets regulator also asked Mohanbir Hi-Tech and Indian Agri Services to pay Rs 52 crore in fines for the illegal diversion of funds from RHFL.
(Except for the headline, this article has not been edited by FPJ’s editorial team and is auto-generated from an agency feed.)
