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Reliance Home Finance
The Enforcement Directorate on Saturday questioned Jai Anmol Ambani, son of industrialist Anil Ambani, for the second consecutive day in a money laundering case linked to an alleged bank loan fraud, officials said. The statements of 34-year-old Anmol Ambai were recorded under the Prevention of Money Laundering Act (PMLA) for the first time on Friday, and the session is continuing on Saturday, they said. The Reliance Anil Dhirubhai Ambani Group did not respond to the development. The ED probe is related to Yes Bank, which, according to the officials, had an exposure of about Rs 6,000 crore in the Reliance Anil Dhirubhai Ambani Group as of March 31, 2017, which doubled to Rs 13,000 crore within a year. The companies involved included Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Limited (RCFL). A large portion of these investments turned into non-performing investments (NPIs) and the bank, subsequently, suffered a loss of Rs 3,300 crore from these dealings, the
The CBI has booked the son of industrialist Anil Ambani, Jai Anmol Anil Ambani, and Reliance Home Finance Ltd. (RHFL) in a case of alleged cheating in Union Bank of India that caused a loss of Rs 228 crore to the public bank, officials said on Tuesday. The CBI acted on a complaint from the bank (erstwhile Andhra Bank) against Reliance Home Finance Ltd., Jai Anmol Anil Ambani and Ravindra Sharad Sudhakar, both directors in RHFL, they said. The company had availed credit limits to the tune of Rs 450 crore from the bank's SCF branch in Mumbai for business needs, the complaint stated. The bank had laid down the condition to maintain financial discipline including timely repayment, service of interest and other charges and submission of position of security and other required papers in time and routing the entire sale proceeds through the bank account. The company failed to pay the instalments to the bank and hence, the said account was classified as a non-performing asset (NPA) on ...
Capital markets regulator Sebi has asked six entities, including Reliance Home Finance Ltd (RHFL) and former company officials, to pay Rs 129 crore for the illegal diversion of funds from the firm. The regulator has warned these entities to attach assets and bank accounts if they fail to make the payment within 15 days. Sebi sent notices to Reliance Home Finance, Ravindra Sudhalkar, Amit Bapna, Pinkesh Shah, Phi Management Solutions Pvt Ltd and Adhar Project Management and Consultancy Pvt Ltd in the case. The demand notices came after these entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in August this year. In six separate notices, Sebi directed these six entities to pay the amount in the range of Rs 6.25 lakh to Rs 28.08 crore, which includes interest and recovery costs within 15 days. In the event of non-payment of dues, the market regulator will recover the amount by attaching and selling the moveable and immovable property
Sebi on Monday asked five entities, including Netizen Engineering and Citi Securities and Financial Services, to pay Rs 130 crore for the illegal diversion of funds from Reliance Home Finance Ltd. The regulator has warned these entities to attach assets and bank accounts if they fail to make the payment within 15 days. Those who have sent notices are Netizen Engineering Pvt Ltd, Gamesa Investment Management Pvt Ltd, Vinayak Ventures Pvt Ltd, Deep Industrial Finance Ltd and Citi Securities and Financial Services Pvt Ltd. The demand notices came after these entities failed to pay the fine imposed on them by the Securities and Exchange Board of India (Sebi) in August. In five separate notices, the markets watchdog directed these five entities to pay Rs 26 crore each which includes interest and recovery costs within 15 days. In the event of non-payment of dues, the market regulator will recover the amount by attaching and selling the moveable and immovable property of these entities.
Monday was the last day for submission of bids for Reliance Capital assets sale after five deadline extensions. So, what is in the store for the lenders and other stakeholders, let us find out
Stock market regulator Securities and Exchange Board of India (SEBI) restrained Reliance Home Finance, it's promotor Anil Ambani and three others from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders.Anil Ambani and others are also restrained from associating themselves with any intermediary registered with SEBI, any listed public company or acting as Directors/promoters of any public company which intends to raise money from the public, till further orders, SEBI said in its interim order issued on Friday late evening.Interim order issued by S K Mohanty, Whole Time Member of SEBI says that the root of the present proceedings can be traced to multiple sources inter alia, a letter of Price Waterhouse & Co. ("PWC") addressed to Reliance Home Finance Limited (RHFL) intimating their resignation as the Statutory Auditor of the Company citing various grounds & reasons.Certain complaints received by Securities ..