Those to whom notices have been sent include Netizen Engineering Pvt Ltd, Gamesa Investment Management Pvt Ltd, Vinayak Ventures Pvt Ltd, Deep Industrial Finance Ltd and Citi Securities and Financial Services Pvt Ltd.
The demand notices came after these institutions failed to pay fines imposed on them by the Securities and Exchange Board of India (SEBI) in August.
In five separate notices, the market watchdog asked these five institutions to pay Rs 10 each, including interest and recovery costs, within 15 days. 26 crore was directed to be paid.
In case of non-payment of dues, the market regulator will recover the amount by attaching and selling the movable and immovable property of these units. Besides, they have to face linking their bank accounts.
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In August this year, Sebi banned 24 other entities, including businessman Anil Ambani and former chief executives of Reliance Home Finance, from the securities market for five years for diverting funds from the company.
SEBI on Ambani Rs. 25 crore and barring them from being involved in the securities market including being a director or key managerial personnel (KMP) in any listed company or any intermediary registered with the market regulator. 5 years.
Also, the regulator barred RHFL from the securities market for six months and fined it Rs 6 lakh.
In its 222-page final order, Sebi found that Anil Ambani, with the help of RHFL’s key management personnel, had hatched a fraudulent scheme to disguise funds from Reliance Home Finance Limited (RHFL) as loans to his associated entities. .
Although the board of directors of RHFL had issued strong directives to curb such lending practices and regularly reviewed corporate loans, the company’s management ignored these orders.
This indicates a significant failure of governance by certain key managerial personnel under the influence of Anil Ambani.
Further, the rest of the entities have played the role of recipients of illegally obtained loans or conduits to enable illegal diversion of funds from RHFL.
The 24 banned entities include former chief executives of RHFL – Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah – and SEBI has imposed penalties for their role in the case.
Also, the regulator imposed on Ambani Rs. 25 crore, on father Rs. 27 crore, on Sudhalkar Rs. 26 crore and on Shah Rs. A fine of 21 crores was collected.
Besides, the remaining entities including Reliance Unicorn Enterprises, Reliance Exchange Next, Reliance Commercial Finance, Reliance CleanGen, Reliance Business Broadcast News Holdings and Reliance Big Entertainment have been fined Rs 25 crore each.
Last week, Sebi had sent demand notices to six entities, including the promoter entity of Reliance Home Finance, asking them to divert funds from the company to the tune of Rs. 154.50 crore was asked to pay.
Those to whom notices have been sent include Crest Logistics and Engineers (now known as CLE Private Limited), Reliance Unicorn Enterprises, Reliance Exchange Next, Reliance Commercial Finance, Reliance Business Broadcast News Holdings and Reliance Clingen.
In February 2022, the markets watchdog Sebi passed an interim order and securities until further orders against Reliance Home Finance Ltd, businessman Anil Ambani and three other individuals (Amit Bapna, Ravindra Sudhakar and Pinkesh R Shah) for allegedly defrauding them. Banned from the market. Company
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