Business
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.
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.
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.
Complete News Source: Business Standard
Lifestyle
10 best activities hacks for the better lifestyle for Business Managers.
Table of Contents
Business managers, known for their dynamic and demanding roles, are now adopting innovative activity hacks to improve their lifestyle and well-being. Recognizing the importance of work-life balance and personal wellness, these leaders are implementing a range of activities to foster physical health, mental clarity, and overall satisfaction in their professional and personal lives.
Mindfulness at Work lifestyle
Business managers are incorporating mindfulness practices, such as meditation and deep breathing exercises, into their daily routines to reduce stress and increase focus in high-pressure situations.
Regular Exercise Breaks
Amid tight schedules, managers are embracing short exercise breaks, such as brisk walks or stretching exercises, to stay active throughout the day and boost their energy levels.
Nutrition and Healthy Eating
Prioritizing their well-being, managers are adopting healthier eating habits, including nutritious snacks and well-balanced meals, to sustain their energy during demanding workdays.
Time Management Workshops
Business managers are attending time management workshops to enhance their organizational skills, enabling them to efficiently juggle multiple responsibilities and achieve better work-life integration.
Skill Development Seminars
Recognizing the value of continual growth, managers are attending skill development seminars to stay updated on industry trends and enhance their leadership abilities.
Flexible Work Arrangements
Some forward-thinking companies are offering flexible work arrangements to business managers, providing the freedom to create a more harmonious work-life balance.
Social Engagement
Building a sense of camaraderie, managers are engaging in team-building activities and networking events to foster positive relationships within their professional circles.
Unplugging from Technology: In a digital era, managers are prioritizing personal time by unplugging from technology during non-working hours, allowing for genuine relaxation and recharging.
Pursuing Hobbies and Interests
Managers are rediscovering their passions outside of work, be it painting, gardening, or playing a musical instrument, to unwind and find fulfillment beyond their professional roles.
Encouraging Employee Wellness
Some managers are also promoting wellness initiatives within their teams, encouraging their employees to embrace similar activity hacks and lead healthier lives.
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