SEBI has ordered the attachment of bank accounts and mutual fund holdings of Reliance Big Entertainment to recover dues of Rs …
After enjoying months of stability, trouble has once again found Reliance Group Chairman Anil Ambani. On Monday, the capital markets regulator, the Securities and Exchange Board of India (SEBI), issued orders to seize bank accounts, shares, and mutual fund holdings of Reliance Big Entertainment to recover dues amounting to Rs 26 crore. Notably, the attachment notice was issued following Reliance Big Entertainment’s failure to pay the fine imposed by the market watchdog.
Earlier, SEBI notified the company to pay the dues and gave it a deadline of 15 days in connection with the case related to the illegal diversion of funds in the matter of Reliance Home Finance Ltd (RHFL). On November 14, the market watchdog sent a notice to Rbep informing about the matter.
According to the notice, Reliance Big Entertainment has pending dues of Rs 26 crore, including interest and recovery costs. SEBI has hinted at real worries about defaulters potentially liquidating its bank assets, stocks in digital accounts or holdings in mutual funds. Such actions could result in significant hurdles and prolong the recovery process of the outstanding amount, as certified.
- SEBI has ordered banks, depositories, and mutual fund institutions to stop fund withdrawals from specific accounts.
- The regulatory body is attempting to recover an alleged misused amount of Rs 78 crores from three companies.
- The companies involved are Adhar Project Management and Consultancy Pvt Ltd, Indian Agri Service Pvt Ltd, and Mohanbir Hi-Tech Build Pvt Ltd.
- In August, SEBI imposed a five-year ban on Anil Ambani and 24 other entities for illegal fund siphoning.
- The actions reflect SEBI’s ongoing efforts to enforce financial regulations and protect investor interests.
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