Sebi Fines Anmol Ambani In Reliance Home Finance Case

New Delhi: Markets regulator Sebi on Monday imposed a penalty of Rs1 crore on Anmol Ambani, son of industrialist Anil Ambani, for his failure to exercise due diligence, while approving general-purpose corporate loans in Reliance Home Finance matter.

Additionally, the regulator levied a fine of Rs15 lakh on Krishnan Gopalakrishnan, who was the Chief Risk Officer of Reliance Housing Finance. Both have been directed to pay the amount within 45 days, the Securities and Exchange Board of India (Sebi) said in its order. The order came after Sebi, in August, barred Anil Ambani and 24 others from the securities market for five years in a case pertaining to diversion of Reliance Home Finance Ltd’s funds. Also, a fine of Rs25 crore was levied on him. In its order on Monday, Sebi noted that Anmol Ambani, who was on the board of Reliance Home Finance, had approved general-purpose corporate loans or GPCL loans, and that too after the company’s board of directors had given clear direction not to go ahead with any approval of such loans.

The approval for loan of Rs20 crore to Accura Productions Private Limited was provided by Anmol Ambani on February 14, 2019, despite the board of directors in their meeting on February 11, 2019, had directed the management to not issue any further GPCL loans.