SEBI issues attachment notice to Reliance Big Entertainment for ₹26 crore fine non-payment | File Photo
The capital market regulator Securities and Exchange Board of India (SEBI) issued an attachment notice to Anil Ambani’s Reliance Big Entertainment on Monday for alleged f non-payment of a fine of Rs 26 crore.
The market regulator ordered attachment of all accounts, lockers, and proceeds due, along with freezing any debits from the accounts to recover Rs 26 crore in dues related to illegal fund diversion from Reliance Home Finance (RHF). Last month SEBI had issued the demand notice for payments within 15 days and warned of attachments.
The attachment notices were sent to Reliance Big Entertainment, Adhar Project Management and Consultancy Pvt Ltd, Indian Agri Service Pvt Ltd and Mohanbir Hi-Tech Build Pvt Ltd to recover dues totalling Rs 78 crore for the illegal diversion of funds from RHF.
The market watch dog had also imposed a penalty of Rs 25 crore on Anil Ambani and barred him from holding key positions in listed companies for the next five years. An appeal on the same is ongoing in the Securities Appellate Tribunal (SAT).
In a 222-page order, SEBI alleged Anil Ambani, with the help of RHFL’s key managerial personnel, orchestrated a fraudulent scheme to siphon off funds from RHFL by disguising them as loans to entities linked to him. The other entities Reliance Unicorn Enterprises, Reliance Exchangenext Lt, Reliance Commercial Finance Ltd, Reliance Cleangen Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Big Entertainment Private Ltd were imposed a penalty of Rs 25 crore each.
