Anil Ambani Reviews SEBI's Directive Amid Fund Diversion Allegations

Businessman Anil Ambani is reviewing a SEBI order that imposes a fine and bans him from the capital markets for five years due to alleged fund diversion. The order affects Reliance Group entities but does not impact the operations of Reliance Infrastructure Ltd or Reliance Power Ltd.

Anil Ambani, a prominent businessman, is scrutinizing a recent Securities and Exchange Board of India (SEBI) order that fines him and bans his direct market participation for five years, citing allegations of fund diversion.

In response to the interim order, Ambani has already resigned from the board positions of Reliance Infrastructure Ltd and Reliance Power Ltd, with both companies clarifying that the order has no bearing on their operations.

The SEBI order alleges that over Rs 9,000 crore was siphoned off from Reliance Home Finance, an incident that involved uncreditworthy borrowers linked to the promoters, significantly impacting Anil Ambani's business empire.

(With inputs from agencies.)