Anil Ambani's Reliance Big Entertainment Private Ltd.—now Rbep Entertainment Private Ltd.—is in dire straits, as the market regulator ordered the attachment of bank accounts, shares, and mutual funds held by the company.
This is in furtherance of the company's failure to pay Rs. 26 crore in dues linked to a fund diversion case involving Reliance Home Finance.
On Nov. 14, 2024, SEBI issued a recovery certificate and a notice of demand to Reliance Big Entertainment, directing the company to clear the penalty imposed by SEBI in August 2024. The amount due—comprising Rs. 25 crore in penalties, Rs. 1 crore as interest, and recovery costs—was to be paid within 15 days.
However, the company failed to comply, leading SEBI to exercise its recovery powers.
SEBI's attachment order
Freezing all accounts, including lockers, held singly or jointly by the company in banks.
Prohibiting any debit transactions until dues are recovered. Credits into the accounts, however, remain allowed.
The immediate provision of detailed account statements, loan records, and confirmation of attachment from the banks holding these accounts.
Banks have also been instructed to freeze any new accounts opened by the defaulter after the issuance of the attachment notice.
Other troubles
Separately, Reliance Power, another Anil Ambani-led entity, faced regulatory scrutiny recently. On Nov 6, the Solar Energy Corporation of India (SECI) barred the company from bidding in tenders for three years over allegations of submitting fake documents related to a 1,000 MW/2,000 MWh battery storage project.
However, the Delhi High Court stayed this debarment, offering temporary relief to the group.
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