Mumbai: The capital market regulator Securities and Exchange Board of India (SEBI) slapped Reliance Big Entertainment demand notice of Rs 26 crore for failure to clear penalties imposed in Reliance Home Finance Ltd (RHFL) alleged fund diversion case.
The market regulator directed Reliance Big Entertainment to pay Rs 26 crore, including interest and recovery costs within 15 days and failure would lead to attachment of assets including bank accounts.
Last week the market watchdog had issued demand notices to RHFL's promoter entity Crest Logistics and Engineers, Netizen Engineering Pvt Ltd, Gamesa Investment Management Pvt Ltd, Vinayak Ventures Pvt Ltd, Deep Industrial Finance Ltd and Citi Securities and Financial Services Pvt Ltd to pay Rs 154.50 crore.
Earlier in August the markets regulator had barred industrialist Anil Ambani and 24 other entities for five years for diversion of funds from Reliance Home Finance Ltd (RHFL).
The SEBI also fined Ambani Rs 25 crore and prohibited him from holding any position in the securities market, including roles as a director or key managerial personnel in listed companies for five years.
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.
