Markets regulator Securities and Exchange Board of India (Sebi) has imposed a five-year ban on industrialist Anil Ambani and 24 other entities from the securities market for diverting funds from Reliance Home Finance. Ambani has also been fined Rs 25 crore and restrained from being associated with any listed company or intermediary registered with Sebi.
Here are the top 10 highlights from the news story:
In its 222-page final order, Sebi found that Anil Ambani, with the help of Reliance Home Finance's key managerial personnel, had orchestrated a fraudulent scheme to siphon off funds from the company by disguising them as loans to entities linked to him.