Anil Ambani
Anil Ambani's difficulties are constantly increasing. SEBI has rejected his appeal in which he demanded the discontinuation of investigation of investment made in Yes Bank. According to media reports, they may be fined a large fine of about Rs 18.28 billion. According to the report of Reuters, the matter is related to investment of Rs 21.5 billion ($ 245.3 million) made by Reliance Mutual Fund between 2016 and 2019 in additional Tier-1 bond of Yes Bank.
SEBI investigation has revealed that this investment was made in exchange for the loan given to other companies of Ambani Group from Yes Bank. When Yes Bank drowned in 2020, this amount was submerged, causing a loss of about Rs 18.28 billion to investors. However, in 2019, Reliance Mutual Fund was sold to Nippon Life Insurance, but the allegations are from the time when it was still in Ambani's possession.
SEBI has stated in its 2024-25 report that now it owes about Rs 77,800 crore for recovery, which is 2% more than the previous year. It has also been said in the report that in view of the increasing use of algorithm trading and digital platforms, SEBI has made the market monitored and strict. Also, integrity trading and doubt transactions are also being closely monitored.
According to media reports, Anil Ambani, his son Jai Anmol Ambani and former CEO Rana Kapoor of Yes Bank offered to make a compromise without accepting their mistake, but SEBI rejected it on 7 July. Now SEBI can instruct Anil Ambani and his son to compensate the affected investors. Apart from this, they can be fined and strict action can also be taken.
This case has also been sent to the ED, which is already investigating the transaction between Ambani Group and Yes Bank. Last month, the ED raided several Ambani locations in the case of alleged loan grab of Rs 3,000 crore. Reuters report said that Anil Ambani and his son have been directly involved in the case in SEBI notice. Both of them made their hold with the help of Reliance Mutual Fund CEO Sandeep Sikka and Chief Investment Officer.
The impact of this news can be seen today on the shares of Reliance Power and Reliance Infra. On Tuesday, Reliance Power's stocks rose slightly to Rs 44, while Reliance Infra's stock fell by nearly 1.45% and closed at Rs 271.
Disclaimer: This article is only for information and should not be considered as an investment advice in any way. TV9 India suggests its readers and spectators to consult their financial advisors before taking any decision related to money.
