New Delhi: The Securities and Exchange Board of India (Sebi) imposed a fine of Rs 1 core on Anil Ambani’s son Jai Anmol Ambani for failing to exercise due diligence in dealings involving Reliance Home Finance, according Siasat Daily.
Sebi also imposed a fine of Rs 15 lakh on Krishnan Gopalakrishnan, the former chief risk officer at Reliance Home Finance, for what the report said his involvement in the approval process.
They have been directed to pay their penalties within 45 days.
Sebi alleged that Jai Anmol failed to exercise ‘ diligence’ in entire general purpose working lcapital (GPCL) lending and later ‘lending by GPCL entities to other Reliance Anil Dhirubhai Ambani Group (ADAG) companies, including Reliance Capital’.
Alongside, Sebi made it clear that Jai Anmol as a non-executive director exceeded his role taking the company to his direction, lacking motivation in the interest of shareholders alongside not maintaining high ethical standards or acted without due care and diligence.
Earlier Sebi fined Anil Ambani ₹25 crore and barred him from taking any managerial or directorial roles in any listed company or market intermediary for five years for his alleged involvement in a fraudulent scheme leading to the diversion of funds from Reliance Home Finance.