MUMBAI: Markets regulator Sebi on Monday ordered attachment of all bank and demat accounts, as well as mutual fund folios of Reliance Big Entertainment for its failure to pay Rs 26 crore penalty imposed by the regulator in Aug. Reliance Big Entertainment is an unlisted arm of Anil Ambani-controlled Reliance ADA group.
In Aug, Sebi had imposed a total fine of about Rs 625 crore on 26 entities, including Reliance ADA group chairman Anil Ambani, for their role in fund diversion by Reliance Home Finance, another ADAG entity. Reliance Big Entertainment (now Rbep Entertainment) was one of the entities that was fined Rs 25 crore.
Sebi’s notice of Monday added an interest of Rs 1 crore and a recovery cost of Rs 1,000 to the original penalty amount. Earlier, on Nov 14, Sebi had sent a notice to Reliance Big Entertainment, asking it to pay dues within 15 days. The notice was issued after the company failed to comply with Sebi’s order.
Sebi on Monday said that as the company has not paid the amount, “there is sufficient reason to believe that the defaulter may dispose of” the funds, securities and mutual fund investments and “realisation of the amount due under the certificate would, in consequence, be delayed or obstructed”.
