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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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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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17 hours ago

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January 21, 2025

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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