Sebi imposes Rs 1 crore fine on Jai Anmol Ambani in Reliance Home Finance case
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The Securities and Exchange Board of India(Sebi) has imposed a penalty of Rs 1 crore on Jai Anmol Ambani, son of Industrialist Anil Ambani, for alleged irregularities in Reliance Home Finance. The regulator alleged that Jai Anmol being a non-executive director on the board of Reliance Home Finance and other Reliance ADAG group companies where the funds were onward lent, did not exercise reasonable due diligence with respect to the entire GPCL(general purpose working capital ) lending and the onward lending by these GPCL entities to other Reliance ADAG group companies including Reliance Capital. Sebi alleged that Jai Anmol had given approval for unsecured loan of Rs 20 crores to Visa Capital Partners and Rs 20 crore to Accura Production Pvt Ltd. In his response to Sebi, he submitted that he could not recollect the context and background of the cited mails. Besides, they were not in the nature of approvals provided by him, but mere acknowle...