Reliance Power Power is under scanner of Securities and Exchange Board of India (SEBI). The company informed the exchanges that “SEBI has initiated a forensic audit of the Company in relation to the alleged violations of the SEBI Act, 1992, SCRA, 1956 and Companies Act, 2013.”
Reliance Power shares slide 3.5% intraday
Following the news, shares of Reliance Power fell nearly 7.9% in intraday trade on Friday. The markets were closed on Thursday, a day after the news was announced. The stock has declined significantly over the past few months. It has fallen 50.37% in the past six months and 28.7% in the past three months.
Delhi HC refuses to interfere with Union Bank show-cause notice
In another case related to Anil Ambani the Delhi High Court on Monday, January 12, had refused to interfere with Union Bank of India’s show cause notice to his son Jai Anmol Ambani to declare fraudulent the bank account of Reliance Home Finance (RHFL).
Justice Jasmeet Singh directed Jai Anmol Ambani to submit his response to the show-cause notice within 10 days and appear for a personal hearing before the bank on January 30.
CBI books Jai Anmol Ambani, RHFL in alleged Rs 228 crore Union Bank cheating case
In a separate case, the CBI had booked Jai Anmol Ambani and Reliance Home Finance (RHFL) for alleged cheating of Union Bank of India (formerly Andhra Bank), causing the public sector lender a loss of nearly Rs 228 crore.
The agency acted on a complaint filed by the bank against RHFL, Jai Anmol Ambani, and Ravindra Sharad Sudhakar, who is also a director of the company.
According to the complaint, RHFL had availed credit limits amounting to Rs 450 crore from the bank’s SCF branch in Mumbai for business purposes. However, the company failed to repay the instalments, following which the account was classified as a non-performing asset (NPA) on September 30, 2019, officials said.