Anil Ambani’s son Jai Anmol Ambani slapped with

The Securities and Exchange Board of India (Sebi) imposed a penalty of ₹1 crore on Jai Anmol Ambani, son of Anil Ambani, for alleged irregularities in Reliance Home Finance. Jai Anmol did not exercise reasonable due diligence with respect to the entire GPCL(general purpose working capital ) lending and the onward lending by these GPCL entities to other Reliance ADAG group companies including Reliance Capital, the markets regulator alleged.
Sebi said that Jai Anmol gave approval for unsecured loan of ₹20 crores to Visa Capital Partners and ₹20 crore to Accura Production Pvt Ltd.
Sebi noted, “It is clearly evident that Noticee 1 (Jai Anmol Ambani) is misrepresenting with an intent to downplay his role in the entire episode. It is clear that the emails were sent to him with exact word “approval”, thus seeking approval and Noticee 1 responded to both the emails with the same word “okay”, granting his approval.”
Jai Anmol was involved in the day to day functioning of the company and was also approving GPCL loans to promoter-related entities, it said, adding, “his submission that he was not involved in day-to- day affairs of the Company cannot be accepted.”
This comes as Sebi barred Anil Ambani from the securities market for five years for allegedly being invol ed ‘fraudulent scheme’ that led to diversion of funds from Reliance Home Finance five years ago. Sebi also imposed a penalty of ₹25 crore on Anil Ambani and restrained him from holding key managerial or directorial roles in any listed company or market intermediary for five years.