eviewing various options, will take appropriate action – Anil Ambani

Mumbai: Industrialist Anil Ambani is exploring legal options after the Securities and Exchange Board of India (Sebi) banned him from the stock market for five years and imposed a fine of Rs 25 crore, a statement from his spokesperson said.

The Sebi alleged fund diversion from Reliance Home Finance (RHFL), a former subsidiary of Reliance Capital.

Ambani’s spokesperson stated that he had resigned from the boards of Reliance Infrastructure and Reliance Power in the wake of Sebi’s interim order dated February 11, 2022, and “is in compliance with the said interim order for the last two and a half years”.

Ambani is now reviewing the final order dated August 22, 2024, and will take appropriate action as advised, the statement from the spokesperson said. According to market observers, one option before Ambani is to move the Securities Appellate Tribunal (SAT) against the Sebi order.

Reliance Infrastructure and Reliance Power issued separate statements clarifying that they were not parties to the Sebi proceedings and no directions were given against them. They emphasised that Anil Ambani’s resignation from their boards in 2022 was in compliance with Sebi’s interim order, and the recent Sebi order has no impact on their business operations.