Anmol Ambani, son of Anil Ambani, brother of Asia’s richest man Mukesh Ambani, was fined Rs 10 million (Anmol Ambani Fine). Market regulator SEBI has taken this action in connection with corporate lending issues related to Reliance Home Finance. Not just Anmol Ambani, the market regulator also fined Reliance Home Finance chief risk officer.
Case involving corporate loan of Rs 20 crore
The Securities and Exchange Board of India (SEBI) on Monday slapped a huge fine on industrialist Anil Ambani’s son Anmol Ambani in the Reliance Home Finance case, India Today reported. fine. SEBI said Reliance Home Finance board member Anmol Ambani approved the loan to the company despite clear instructions from the company’s board to stop sanctioning such loans. According to the market regulator, Anmol Ambani approved a Rs 20-crore loan to Acura Productions Private Limited on February 14, 2019.
Breaking the rules proves costly
SEBI said Anmol Ambani did not follow rules in a case related to corporate loans from Reliance Home Finance and hence fined him Rs 1 crore. At the same time, the regulator also said that it did not conduct a proper investigation into the matter. The peculiarity is that the loan was approved by Anmol Ambani at this time, just three days before, on February 11, 2019, the Reliance Home Finance board in its meeting directed the management not to Disburse any GPCL loan.
Fines must be paid within 45 days
Market regulator SEBI has imposed a fine of Rs 15 lakh on Anmol Ambani and Krishnan Gopalakrishnan, chief risk officer of Reliance Housing Finance. According to reports, SEBI’s official notification stated that Anil Ambani’s sons Anmol Ambani and Krishnan Gopalakrishnan were ordered to pay their respective fines within 45 days.
The impact on stocks today could be noticeable!
The impact of this news can also be seen in the share price of Reliance Home Finance on Tuesday. Reliance Home Finance Share has been running at a breakneck pace for the past few days. On Monday, the last trading day, Anil Ambani’s stock shot to a high as soon as the market opened, trading at 4.59 rupees, an increase of 4.79%.
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