share Market regulator SEBI on Wednesday issued a notice to six companies, including the promoter unit of Reliance Home Finance, asking them to pay Rs 154.50 crore. This notice has been given to the company regarding misappropriation of funds. SEBI has asked these units to make payment within 15 days. Failure to do so has warned of confiscation of the assets and bank accounts of these companies.
Notice has been sent to these companies
The companies to which notices have been sent include Crest Logistics and Engineers Pvt Ltd (now CLE Pvt Ltd), Reliance Unicorn Enterprises Pvt Ltd, Reliance Exchange Next Ltd, Reliance Commercial Finance Ltd, Reliance Business Broadcast News Holdings Ltd and Reliance Cleangen Ltd. .
Each company will have to pay Rs 25.75 crore
Demand notice has come for failure of these companies to pay the fine. SEBI has directed all the 6 companies in separate notices to pay Rs 25.75 crore to each company. This includes interest and recovery costs. In case of non-payment of dues, the regulator will recover the amount by attaching the movable and immovable properties of these units and selling them. Apart from this, their bank accounts will also be attached.
SEBI had imposed a fine of Rs 25 crore on Anil Ambani.
In August this year, SEBI had banned industrialist Anil Ambani, former key executives of Reliance Home Finance and 24 other entities from the securities market for five years over misappropriation of funds from the company. The regulator had imposed a fine of Rs 25 crore on Anil Ambani. He was also banned from holding key positions at director or management level in any listed company or intermediaries registered with SEBI for five years. Along with this, SEBI has approved Reliance Home Finance Ltd. (RHFL) was banned from the securities market for 6 months and a fine of Rs 6 lakh was imposed on it.
With PTI inputs
