SEBI imposed a ban on Anil Ambani and three others

Anil Ambani, promotor of Reliance Home Finance, and three other executives of the firm's key managerial personnel in 2018-19- Bapna, Ravindra Sudhakar, and Pinkesh R Shah have been barred from buying, selling, or dealing in securities, by the Securities and Exchange Board of India (SEBI) on Friday. SEBI received complaints that the promotors and RHFL management have been diverting funds. Sebi said: “''It is noted that one individual person Anil Ambani, who controls the company due to his position as a promoter and controlling shareholder by way of his direct and indirect shareholding, is seen to be exercising unfettered powers, and the company's Key Managerial Persons (KMPs) like Executive Director and CEO Ravindra Sudhalkar and the CFOs - Amit Bapna and Pinkesh R Shah, instead of bringing such misdeeds to the notice of the Board of Directors/Regulators, are prima facie found to be hand in gloves with Ambani, in siphoning off the borrowed funds of the company to other financially weak promoter group companies which is evident at different stages of approval of those General Purpose Corporate Loans (GPCL) transactions''.