Mumbai: India’s best- known Businessman, & Chairman, of The Reliance Group, Mr. Anil Ambani, was banned from the Securities Markets for Five Years, and fined near about 3 million U. S. Dollar, by the country’s Security Regulator- SEBI, or securities exchange bureau of India, last week in allegations and charges with Diversions of funds.
Anil Ambani said, he was reviewing the sebi’s order and will take appropriate next steps legally.
Once upon a time, ranked sixth richest person of the World, in 2008, Anil Ambani faced numbers of Legal and Financial Hurdles, leading him an Announce of Bankruptcy in UK court 2020.
Some, timeline Events, made ambani, a crumbling empires:-
2005: Ambani Family Reaches into Split, the Reliance Groups , one elder brother Mukesh Ambani, and Anil Ambani.
Anil Ambani starts with a reliance group, included, reliance communications, reliance infrastructures & reliance capital. While elder brother Mukesh Ambani leads with reliance Industries, with major businesses of Oil, Natural Gas, newly reliance jio, & reliance retails.
2014-17: In that period of 10-12 years Anil’s reliance power & reliance infrastructure are in significantly in debts. Very soon, other firms, reliance naval and reliance engineering faces insolvency.
2017-19: Ambani’s reliance communication, was taking loan from Dena Bank, amounting ₹ 2.5 billion rupees INR, which remain unpaid for several years, leading to initiating to sale reliance communication in 240 billion rupees, to clear the debt in huge numbers.
Anil Ambani faced several leagal challenges, Including Ericson AB, which defaults, has been sued chainese banks over defaults. Meanwhile in-
2019: Auditor withdraw audit from group of company – reliance capital, after not receiving a satisfactory response to the queries on certain observations for assessment year 2019.
2020: Delhi High Court halts insolvency proceeding against Anil Ambani, in a matter of roughly 12 billion INR, he given personal guarantees to SBI, for loans to his company.
2021: India’s central bank proceeds bankruptcy on reliance capital.
2022: SEBI bars on Anil Ambani & other company’s management in associating with any other listed entity on charges alleged fund diversification.
2023: Mr. Anil Ambani, steps down from board of directors in reliance power & reliance infrastructure.
Last week, 2024: SEBI bans Mr. Anil Ambani & his companies, from securities market from that time, for five years next, in allegations charges of Diversification of Funds.
