Jai Anmol Ambani, the eldest son of industrialist Anil Ambani and nephew of Mukesh Ambani, has recently made headlines for reasons far from the usual wealth and privilege associated with the Ambani family.
Recently, the market regulator Securities and Exchange Board of India (SEBI) imposed a fine of Rs 1 crore on Jai Anmol Ambani for lapses in corporate governance during his tenure at Reliance Home Finance Limited (RHFL).
Who is Jai Anmol Ambani?
Anmol Ambani was born on December 12, 1991, and grew up in a family synonymous known with power and wealth. His schooling took place at Mumbai’s Cathedral and John Connon School and later followed by Seven Oaks School in the United Kingdom.
Anil Ambani Family | Instagram
He graduated with a Bachelor of Science (BSc) from Warwick Business School, UK.
Although lesser-known compared to his uncle and Asia's richest man Mukesh Ambani ad his children, Anmol Ambani, as per multiple reports boast a net worth of Rs 20,000 crore (USD 3.3 billion).
Anmol Ambani and Anil Ambani |
Apart from his role in business, he is also known for his taste in luxury cars, private jets, and helicopters. His car collections include the Rolls-Royce Phantom and Lamborghini Gallardo.
The SEBI Penalty
On September 18, 2024, the market regulator imposed a fine on Rs 1 crore on Anmol, indicating a failure to exercise due diligence during his period on the board of Reliance Home Finance (RHFL).
The issue dates back to February 2019 when Anmol approved a Rs 20 crore loan to Accura Productions. This approval was given despite a clear directives from the company’s board just three days earlier to halt any new corporate loans.
Representative Image/File | FPJ Library
Furthermore, the SEBI’s investigation found that Anmol Ambani, in his capacity as a non-executive director, did not act in the best interests of shareholders and failed to maintain high ethical standards.
He was also found responsible for going against the board’s instructions and pushing forward the loan.
The Larger Context: More Penalties
This fine by the market regulator against Anmol also comes in the wake of larger regulatory action against his father, Anil Ambani and others involved with RHFL,
Earlier in August 2024, the market watchgdog barred Anil Ambani and 24 others from securities market for five years due to alleged diversion of RHFL funds. Anil Ambani also faced a massive penalty of Rs 25 crore for his role in the case.
