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Sebi bars Anil Ambani, 3 others from markets for alleged siphoning of funds

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3 years ago

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Sebi bars Anil Ambani, 3 others from markets for alleged siphoning of funds

The Securities and Exchange Board of India (Sebi) has banned Anil Ambani and three partners from the capital markets for allegedly stealing funds from Reliance Home Finance (RHFL). Regulators have also restricted them from working with any public company, stock market intermediary or any public company that intends to raise capital.

The restrictions will remain in place until further notice, Sebi said in an interim order instructing Ambani and several others to “show reasons” why further action and investigation should not be taken against them.

“This misconduct by Noticee no. 2 (Anil Ambani) as the company/group chairman, first with the fraudulent intent of the company’s top management, to transfer the company’s borrowed funds to genuine third-party borrowers to various originators People’s Vault Group entities disguised as a series of false GPCs (General Corporate Loans) and then cover up the losses and NPAs caused by such deals by concealing the company’s actual financial health from shareholders and the general investing public who will never know RHFL of their true financial status, by looking at the fabricated books submitted to them through the stock exchange,” the Sebi order said.

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In a letter dated April 18, 2019, auditing firm PricewaterhouseCoopers highlighted certain observations and sought responses from company executives and the audit committee. The auditors highlighted that the loan amount disbursed by RHFL under the GPC loan has doubled from Rs 9,000 crore as at March 31, 2018 to about Rs 7,900 crore as at March 31, 2019.

PwC also highlighted that borrowers have negative net worth and have limited or no income and profits.

Investigations revealed that several of the borrowers were RHFL group companies.

Another forensic audit was conducted by a consortium of RHFL lenders led by Bank of Baroda.

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The forensic auditor observed that RHFL disbursed Rs 14,577 crore as GPC loans to numerous entities, of which Rs 12,487 crore was disbursed to 47 potentially indirectly related entities (PILE).

Another report highlighted that 150 loan cases fell under the PILE category between FY 2017 and FY 2019. Of these, there are still 100 loan cases totalling Rs 8,884 crore in RHFL’s books.

Sebi also launched its own investigation, which found several irregularities in the loan disbursement process, as well as collusion among senior officials to siphon funds from the RHFL.

“To sum up, all of the above notifiers have worked together through complicity with the appropriate help and abetting of other notifiers to translate predetermined plans into action, resulting in the withdrawal of substantial funds from the accounts of the RHFL, a significant part of which must be Declared as NPA shortly after the sanctions,” noted Sebi Order of full-time member SK Mohanty.

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Complete News Source: Business Standard

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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3 weeks ago

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January 30, 2025

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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