Mumbai: The market regulator Sebi on Friday forbade Anil Ambani, three of his colleagues and Home Finance, one of his former group companies, from the market for three months to abuse company funds and divert it to other group entities to pay off.
debt.
Ambani and the others – Amit Bapna, Ravindra Sudhalkar, Pinkesh R Shah – also detained from associating with registered entities.
This case is related to the misuse of home financial financial funds, which then Auditor PriceWaterhouse & Co (PWC) refuses to sign an annual account and then resign.
Amit, Amit Bapna, Ravindra Sudhalkar, Pinkesh R Shah and Reliance Home Finance “is held from buying, selling, or dealing with securities, both directly and indirectly, in any way up to further orders”.
Sebi also said that Ambani, Bapna, Sudhalkar and Shah were restrained from linking themselves to the intermediaries listed in Sebi, every public company registered or acted as a directors / promoter from every public company that intends to raise money from the public, up to further orders .
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“In the order of 100 pages, Mohanty’s SK, a member of Sebi Sebi, noted that the origin of the trial could be traced to various sources which included a resignation letter by PWC to rely on home finances as legal auditors and reasons.
Sebi has also received complaints from people The accusing sucking / transfer of company funds by promoters and management various parties and companies with non-connected finances “are used as a channel to suck funds from (company) to entities connected with the promoter company,” namely Reliance Capital.
Acting on these letters and complaints, SeBi has begun to investigate Reliance Home Finance, for fiscal 2018-19 and found that Most of the accusations were true, his order.
Sebi found that financial Reliance Home has transferred funds to at least 13 entities that include Citi Securities & Financial Services, Tulip advisors and film production Arion.
This loan is covered as a corporate loan in general (GCPL), legal practice for accounting purposes.
For example, the forensic audit found that during FY19, Rs 14,578 Crore was disbursed by the company to many entities as GPCL, where RS 12,489 Crore was channeled to 47 companies related to Home Finance promoters and financial management.