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The Securities and Exchange Board of India (SEBI) on Friday (February 11) has barred Anil Ambani, promotor of Reliance Home Finance and three other executives of the firm’s key managerial personnel in 2018-19.–Bapna, Ravindra Sudhakar and Pinkesh R Shah-from buying, selling or dealing in securities.
The action came after Sebi received complaints alleging siphoning off or diversion of funds of RHFL by the promoters and management, and after the company’s statutory auditor PwC resigned in June 2019, according to news reports.
In a 100 page order, the SEBI also restrained the concerned individuals from “associating themselves with any intermediary registered with Sebi, any listed public company or acting directors/ promoters of any public company which intends to raise money from the public’’, till further orders.
Sebi noted that the root of the present proceedings can be traced to multiple sources, inter alia, a letter of Price Waterhouse & Co addressed to RHFL intimating their resignation as the statutory auditor of the company; and complaints received by Sebi alleging siphoning off/diversion of funds of RHFL by promoters and management of the company.
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