On December 02, 2024, India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), ordered the attachment of bank accounts, shares, and mutual fund holdings of Anil Ambani-owned Reliance Big Entertainment to recover dues of ₹26 crore.
On November 14, SEBI had ordered RBEP Entertainment (formerly Reliance Big Entertainment) to pay ₹26 crore in fines for not settling penalties on fund diversion violations, asking the entity to pay dues within 15 days
As per the notice, Reliance Big Entertainment owes ₹26 crore, a sum that includes interest and recovery costs.
SEBI expressed concerns that the defaulter might liquidate or transfer assets from bank accounts, demat accounts, or mutual fund portfolios, which could hinder or delay the recovery process.
Consequently, SEBI directed banks, depositories, and mutual funds to restrict any debits from these accounts.
Earlier this year, in August, SEBI prohibited Anil Ambani and 24 other entities, including former key executives of Reliance Home Finance, from participating in the securities market for five years due to fund misappropriation from the company.
A penalty of ₹25 crore was levied on Ambani, along with a five-year ban on holding any position as a director or key managerial personnel (KMP) in any publicly traded company or market-intermediary regulated by SEBI.
Reliance Big Entertainment Private Ltd is an entertainment firm offering a range of services including internet, digital media, film production, communications, radio programming, gaming, movies, animation, music, and broadcasting. The company caters to customers across India.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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