Connect with us

Business

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

Published

on

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.

Advertisement

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.

Advertisement

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.

Advertisement

Complete News Source: Business Standard

Ranbir Kapoor

Ranbir Kapoor and Alia Bhatt inspect their new dream home in Mumbai days after anniversary

Published

on

By

Ranbir Kapoor and Alia Bhatt inspect their new dream home in Mumbai days after anniversary

Ranbir Kapoor and Alia Bhatt recently inspected their future home in Mumbai, marking their third wedding anniversary. The couple’s new home is still in progress, with Ranbir wearing a black t-shirt, matching shorts, sneakers, and a cap. Alia Bhatt was seen waiting for her husband at the location, while Ranbir looked at the progress of their new home’s construction.

A video of their outing emerged on social media, with Pinkvilla posting the clip for the first time. The bungalow, named Krishna Raj after Ranbir’s grandmother, holds emotional significance to the Kapoor family. It used to belong to Ranbir’s grandparents, Raj Kapoor and Krishna Raj, and was inherited by Rishi Kapoor and Neetu in 1980. A Bollywood Life report.

Advertisement

Claimed that the new bungalow cost Ranbir and family ₹250 crore. It is speculated that after the bungalow is ready, the entire Kapoor family, including Neetu Kapoor, will stay together under one roof. Alia and Ranbir currently live with Raha at Vastu The rapid growth of OTT platforms in India has been attributed to factors such as increased cinema ticket costs.

Growing demand for niche content, and changing consumer preferences. Sidharth Malhotra improved internet infrastructure, and Janhvi Kapoor are set to share screen together in the ALL upcoming rom-com Param Sundari, and they have shared entertaining behind-the-scene pictures from the sets on social media.

​Bollywood’s beloved couple, Ranbir Kapoor and Alia Bhatt, recently visited their under- boasts a modern design with grey construction dream home in Mumbai’s Bandra area, just days after celebrating their third wedding anniversary on April 14. On April 16, the duo was spotted at and shorts. The couple appeared the construction site, inspecting the progress of their abode.

In a video that surfaced on social media, Ranbir was seen wearing a black t-shirt, matching shorts, sneakers, and a cap, while Alia donned a casual shirt and shorts. The couple appeared engaged in discussions with the construction team, reflecting their active involvement in new bringing their vision to life.

Advertisement

The new residence, named Krishna Raj in honor of Ranbir’s late grandmother, is a six-storey bungalow valued at approximately ₹250 crore. The property boasts a modern design with grey and light blue hues, glass balconies, and expansive windows. It’s situated close to their current

Fans have been eagerly awaiting updates on the couple’s new home, and this recent visit has only heightened anticipation. The couple’s hands-on approach to the construction process Raha underscores their commitment to creating a space that reflects their shared dreams and values Bollywood’s beloved couple, Ranbir Kapoor and Alia Bhatt, recently visited their under.

In a video that surfaced on social media, Ranbir was seen wearing a black t-shirt, matching shorts, sneakers, and a cap, while Alia donned a casual shirt and shorts. The couple appeared engaged in discussions with the construction team, reflecting their active involvement in .​

The new residence, named Krishna Raj in honor of Ranbir’s late grandmother, is a six-storey bringing their vision to life bungalow valued at approximately ₹250 crore. The property boasts a modern design with grey and light blue hues, glass balconies, and expansive windows. It’s situated close to their current residence, Vaastu, where they live with their daughter, Raha .​

Advertisement

Fans have been eagerly awaiting updates on the couple’s new home, and this recent visit has only heightened anticipation. The couple’s hands-on approach to the construction process space that reflects their shared dreams and underscores their commitment to creating a space that reflects their shared dreams and values residence, Vaastu, where they live with daughter.

  • Group Media Publication
  1. Construction, Infrastructure and Mining   
  2. General News Platforms – IHTLive.com
  3. Entertainment News Platforms – https://anyflix.in/

Continue Reading
Anyskill-ads

Facebook

Trending