Following the ban from the market regulator, SEBI, the crisis-ridden businessman Anil Ambani is reviewing the order that imposed a monetary penalty and banned him from participating in the securities market for five years.
He will take appropriate next steps based on legal advice, according to his spokesperson on Sunday.
“Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised,” the spokesperson said.
Ambani had stepped down from the board of Reliance Infrastructure Ltd and Reliance Power Ltd, following Sebi’s interim order dated February 11, 2022, which was related to matters concerning Reliance Home Finance Ltd, the spokesperson said in a statement.
He said Ambani “is in compliance with the said interim order (of February 11, 2022) for the last two and half years.”
In a separate statement, Reliance Infrastructure said the company was not a noticee or party to the proceedings before Sebi in which the order was passed.
“No directions were given against Reliance Infrastructure. Anil Ambani had resigned from the board of directors of Reliance Infrastructure pursuant to the interim order dated February 11, 2022, passed by Sebi in the same proceedings,” the statement said.
“Therefore, the order dated August 22, 2024, passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure,” the statement added.
FurtherReliance Power said it was not a noticee or party to the proceedings before Sebi in which the order was passed.
“No directions were given in the order against Reliance Power. Anil Ambani had resigned from the board of directors of Reliance Power pursuant to the interim order dated February 11, 2022, passed by Sebi in the same proceedings. Therefore, the order dated August 22, passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Power,” the statement said.
It is to be noted that on August 22, Sebi imposed a penalty of Rs 624 crore on 27 individuals and entities, including Ambani, his group firms, and their former directors, for allegedly siphoning funds from Reliance Home Finance (RHFL).
Sebi also barred Anil Ambani and 24 others from accessing the securities market and holding key positions in any listed firm or its associates for five years. The penalty imposed on Ambani is Rs 25 crore.