Sebi rejects Anil Ambani's settlement plea over Yes Bank investments
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The Securities and Exchange Board of India (Sebi) on Tuesday rejected a plea by Anil Ambani to settle charges in the Yes Bank case, which can expose him to a penalty of close to ₹1,828 crore, reported Reuters.
According to the documents reviewed by the agency, the investment was made in exchange for loans from Yes Bank to other group companies.
Between 2016 and 2019, Ambani's Reliance Mutual Fund had invested ₹2,150 crore in Yes Bank's additional tier-1 bonds. These bonds were written off when the bank declared insolvency in 2020.
Yes Bank case has 'market-wide impact'
Sebi said that the investments were made in return for loans that Yes Bank extended to other Ambani group companies. The market regulator estimates the investor losses to be at ₹1,828 crore and flagged the case as having a "market-wide impact."
Settlement without admitting guilt
Anil Ambani, his son Jai Anmol Ambani, and former Yes Bank Chief Executive Officer Rana Kapoor had previously sought a settlement without admitting guilt.
According to documents reviewed by Reuters, Sebi will be sending directions to Ambani and his son, asking them to compensate the investors. Additional action may involve monetary penalties, the documents showed.
Sebi passes information to ED
Sebi has also forwarded its findings to the Enforcement Directorate (ED), suggesting possible escalation to a criminal or money-laundering investigation.
Earlier this month, ED had summoned Ambani for questioning, and several searches against the Reliance Group companies were also launched, with the agency recovering a number of documents and computer peripherals from multiple locations.
Ambani influenced Reliance Mutual Fund's decisions
During its investigation, Sebi also found that Ambani had influenced the investment decisions of Reliance Mutual Fund.
The fund house, along with its chief investment officer and former chief risk officer, is also charged by Sebi for causing losses to investors. A separate settlement worth ₹95 crore was filed by these entities, which is still under consideration.
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