Capital markets regulator SEBI on Tuesday asked two entities to pay Rs 52 crore in penalties for failing to clear fines imposed in the case of illegal diversion of funds from Reliance Home Finance Ltd. The regulator has warned these entities to attach assets and bank accounts if they fail to make the payment within 15 days.
The SEBI sent notices to Mohanbir Hi-Tech Pvt and Indian Agri Services Pvt in the case. The notices were issued after the entities failed to pay the fine imposed on them by the regulator in August this year.
In two separate notices, SEBI directed these two entities to pay Rs 26 crore each, which includes interest and recovery costs within 15 days.
In the event of non-payment of dues, the market regulator will recover the amount by attaching and selling the moveable and immovable property of these entities.
Last week, SEBI asked six entities, including RHFL and former company officials, to pay Rs 129 crore in penalties for the illegal diversion of funds from the firm.
Prior to that, in early November, SEBI issued demand notices to six entities, including RHFL's promoter entity Crest Logistics and Engineers (now known as CLE Pvt Ltd), and asked them to pay Rs 154.50 crore.
In August this year, the markets watchdog barred industrialist Anil Ambani and 24 others from the securities market for five years on charges of diversion of funds from RHFL.
Additionally, SEBI has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company entity for five years.
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