Stock market regulator Sebi on Monday and September 23 fined Anmol Ambani, son of industrialist Anil Ambani, for not following due process while approving a general purpose corporate loan in the Reliance Home Finance case. A fine of 1 crore was imposed.
Additionally, the regulator imposed a penalty of Rs 15 lakh on Reliance Housing Finance's Chief Risk Officer (CRO) Krishnan Gopalakrishnan. SEBI in its order said that both have to deposit the fine within 45 days. Let us tell you that the shares of the company have been in the upper circuit continuously for the last one week. Today on Monday also this share increased by 5% to Rs. It was 4.59.
The order came after Sebi barred Anil Ambani and 24 others from the securities market for five years in August in a case related to misappropriation of funds at Reliance Home Finance Ltd. Apart from this, a fine of Rs 25 crore has also been imposed on him.
In its order on Monday, Sebi said that Anmol Ambani, who is on the board of directors of Reliance Home Finance, had sanctioned the general purpose corporate loan, or GPCL loan, even when the company's board of directors had given clear instructions that such loans would not be sanctioned.
Anmol Ambani on February 14, 2019 to Acura Productions Private Limited for Rs. 20 crore loan was given, while on February 11, 2019, the Board of Directors directed the management not to grant more GPCL loans.
Let us tell you that the shares of the company have been in the upper circuit continuously for the last one week. Today on Monday also this share increased by 5% to Rs. It was 4.59. It has increased by 20% in the last five days.
The stock has gained 50% in six months. It has increased by 150% in the last one year. During this period it increased from Rs 1.85 to reach the current price.
Note: Do not invest in stock market without knowledge. Before investing in any shares you should talk to your financial advisor once. If you do not do so, you may suffer financial loss.
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