Markets regulator Sebi on Monday imposed a penalty of Rs 1 crore on Anmol Ambani who is a son of industrialist Anil Ambani for his failure to exercise due diligence while approving general-purpose corporate loans in Reliance Home Finance matter. The regulator levied a fine of Rs 15 lakh on Krishnan Gopalakrishnan who was the Chief Risk Officer of Reliance Housing Finance. Both have been asked to pay the amount within 45 days the Securities and Exchange Board of India (Sebi) said in its order.  Both Anmol Ambani and Gopalakrishnan violated the provisions of Sebis LODR (Listing Obligations and Disclosure Requirement) rules.  Sebi’s Big Action Against Anil Ambani’s Son In its order on Monday Sebi noted that Anmol Ambani who was on the board of Reliance Home Finance had approved general-purpose corporate loans or GPCL loans and that too after the companys board of directors had given clear direction not to go ahead with any approval of such loans. The approval for loan of Rs 20 crore to Accura Productions Private Limited was provided by Anmol Ambani on February 14 2019 despite the board of directors in their meeting on February 11 2019 had directed the management to not issue any further GPCL loans.    The noticee 1 (Anmol Ambani) as non-executive director of the company has taken the company in his own direction and has gone overboard in his role as director. Noticee 1 in doing so gives a hint of being motivated and definitely not in the interests of the shareholders and has not acted with due care and diligence and has not maintained high ethical standards Sebi said. Who Is Anmol Ambani? Anmol who was on the board of Reliance Capital and Reliance Home Finance and also a director in the other Reliance ADAG group companies where the funds were onward lent did not exercise reasonable due diligence with respect to the entire GPCL lending and the onward lending by these GPCL entities to other Reliance ADAG group companies including Reliance Capital regulator added. Sebi said that Gopalakrishnan had also approved various GPCL loans and was aware of the substantial deviations which were recorded in the credit approval memos of various loans which he had recommended while being the CRO of the company. When Anmol Ambani was being a part of the senior management of Reliance Housing Finance Gopalakrishnan should have followed due process complied with the code of conduct of the company and acted with due care and diligence in performing his duties and acted in good faith in the interest of all stakeholders of the company Sebi said.       (With Inputs From PTI)