Sebi turns down Anil Ambani's bid to settle Yes Bank investment charges
The case stems from investments worth Rs 2,150 crore made by Reliance Mutual Fund, then owned by Ambani, in Yes Bank's additional tier-1 (AT-1) bonds between 2016 and 2019. These bonds were written off in 2020 when Yes Bank was declared insolvent. By then, Reliance Mutual Fund had already been sold to Nippon Life Insurance, but the charges date back to the period before the sale.
Sebi in its investigation said the investment was made in exchange for loans from Yes Bank to other Anil Ambani group companies. The regulator said on July 7 that the fund's conduct caused a loss of investor wealth of Rs 1,828 crore and had a 'market wide impact'.
According to the report, Ambani, his son Jai Anmol Ambani, and former Yes Bank CEO Rana Kapoor had proposed a settlement without admitting guilt, but Sebi turned it down on July 7. Sebi has now informed Ambani and his son that it will issue directions asking them to compensate affected investors. Monetary penalties and other actions could follow.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
4 minutes ago
- India Today
Kanpur leather industry hit by US tariff hike, Rs 2,000 crore exports stalled
Kanpur's leather industry, a major export hub, is staring at a severe crisis after the United States sharply increased import duties on Indian leather goods to 60%—double the rate imposed on China and far higher than Pakistan (19%) and Bangladesh (20%). Exporters fear the move could wipe out nearly all of Kanpur's annual Rs 2,000 crore leather exports to the SAY BUYERS BACKING OUTJafar Iqbal, a Kanpur-based exporter and factory owner, said shipments have been halted as American buyers withdraw from contracts. 'In May, when tariffs were 10%, we agreed to bear half the cost to retain orders. Now, with the new rates, neither side can afford it. Five of our containers are ready, but we don't know what to do,' he told India Today BLOW FOR THE INDUSTRYNaiyar Jamal, another exporter, said the sector was already struggling under environmental regulations such as Namami Gange before being hit by the tariff hike. Despite mounting losses, he expressed support for the government's stance against US trade TO 10 LAKH JOBS Leather trader Javed Iqbal warned the tariff hike could devastate Kanpur and neighbouring Unnao, where the industry employs nearly 10 lakh people. Lower tariffs for Pakistan, China, Vietnam, and Cambodia are expected to draw away American buyers. 'We stand with the government, even if it means bearing heavy losses in the national interest,' he HALTED DESPITE FESTIVE ORDERSPrerna Verma, a leather accessories exporter, said confusion over the new policy has brought production to a near standstill. Demand in recent years has already fallen to 60% of previous levels, forcing some units to lay off Iraqi, Chairman of the Council for Leather Exports (Central Region), said that although Christmas orders have arrived, production for the US market has been halted. He met Commerce Minister Piyush Goyal in Delhi two to three days ago, where the government discussed possible relief measures—such as interest subsidies—in the case of a 25% tariff. However, with the import duty now set at 50%, such measures are unlikely to suffice. 'Buyers and sellers can manage an extra 5–10% cost but such a steep hike is beyond anyone's capacity," he said.- EndsTune InMust Watch
Time of India
18 minutes ago
- Time of India
Vacant for 15 years, 1k affordable flats to be repaired & allotted
Gurgaon: A plan to demolish 1,088 EWS flats in Sector 47 has been shelved, paving the way for long-delayed allotments. The renovation work of these flats will be carried out by Haryana Shahari Vikas Pradhikaran (HSVP), and flats will be allotted to eligible families. Built at Rs 42 crore in 2010 under the Ashiana scheme for the poor, the flats remained unoccupied for 15 years and were never allotted due to a mix of procedural delays and disputes over beneficiary eligibility. Earlier, HSVP officials stated that identifying qualified applicants proved difficult, as many lacked complete documentation or did not meet income and residence criteria. Over the years, verification exercises stalled repeatedly, and the absence of a final allottee list left the units vacant. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon Following a complaint by advocate Abhay Jain, Huda decided to renovate the units instead of tearing them down. Confirming the development, HSVP administrator Dr Chander Shekher Khare told TOI that Rs 8 crore have been sanctioned for the renovation of EWS flats. The allotment will be done once the renovation work is complete. According to HSVP officials, the original proposal was to demolish the Sector 47 flats, auction the prime land for high-end group housing, and shift EWS allottees to a five-acre multi-storey complex in Sector 9. Officials, however, justified the move by citing the high market value of the Sector 47 plot – located next to the district centre, with a metro station planned nearby, and adjacent to a large IKEA mixed-use commercial project. The then estate officer had said, "This land, about 18 to 20 acres, is very valuable. The land will be auctioned for group housing, and EWS allottees will be accommodated in the Sector 9 project." Jain's complaint, alleging that the demolition plan undermined the original purpose of the Ashiana scheme, was taken up by the Prime Minister's Office. The PMO sought responses from HSVP officials, and within weeks, the proposal to raze the flats was shelved. On Aug 5, HSVP sanctioned Rs 8.8 crore for special repairs, to be completed within 150 days. Once restored, the flats will be allotted to beneficiaries as originally intended under the scheme. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
18 minutes ago
- Time of India
MBA grad falls prey to trading fraud, loses 38L
Gurgaon: An MBA graduate lost Rs 38 lakh to a fraudster who befriended him online and made him invest in gold trading. Nitin, 25, invested the amount and could see an online profit of Rs 87 lakh. However, he eventually failed to withdraw money. In his complaint lodged with Manesar cyber police, the victim, who belongs to Naharpur village in Manesar and had recently completed his MBA, stated that on May 10, he received a friend request from a woman, Diksha Rawat, on Facebook. Rawat claimed to be from Indore in Madhya Pradesh and said she was involved in event management. The victim exchanged contact numbers with her, and they began communicating over WhatsApp. Rawat told him that she had been involved in gold trading through platforms such as Gold Rush Global Capital and Barrick Gold Capital for four years and had earned substantial profits. She shared screenshots of her profits with the victim and further provided a link to a website ( prompting him to open a trading account. You Can Also Check: Gurgaon AQI | Weather in Gurgaon | Bank Holidays in Gurgaon | Public Holidays in Gurgaon | Gold Rates Today in Gurgaon | Silver Rates Today in Gurgaon According to the police, the victim invested Rs 38,87,659 through 41 transactions in his trading account from May 16 to July 18. Gurgaon cyber police filed a complaint under sections 318(4) (cheating) and 319 (cheating by personation) of BNS against an unknown person. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
