Anil Ambani Son: Industrialist Anil Ambani’s eldest son Jai Anmol Ambani has been fined by the Securities and Exchange Board of India (SEBI) in the Reliance Home Finance Case for loan approval without diligence. He has been fined for not following proper due diligence while approving the general-purpose corporate loans (GPCLs) in the Reliance Home Finance case.
Who is Jai Anmol Ambani, Anil Ambani's eldest son?
Anil Ambani’s son Jai Anmol Ambani is the 32-year-old director at Reliance Innoventures Pvt Ltd., Unlimit Iot Pvt Ltd., and Executive Director at Reliance Health Insurance Ltd. He is the eldest son of Anil Ambani and Tina Ambani. He got married to Khrisha Shah in February 2022. He has the net worth of Rs 20,000 crores. He owns Rolls-Royce Phantom and the Lamborghini Gallardo, private jets and helicopters. He started his professional journey at the age of 18 with a summer internship at Reliance Mutual Fund.
Why did SEBI fine Anil Ambani's son?
SEBI has imposed the penalty of Rs 1 crore on Jai Anmol Ambani. SEBI stated that Jai Anmol Ambani has approved the unsecured loan of Rs 20 crores to Visa Capital Partners and Rs 20 crore to Accura Production Pvt Ltd. The former chief risk officer of Reliance Home Finance, Krishnan Gopalakrishnan, who also had a role in the approval process, has also been fined Rs 15 lakh by SEBI.
On Monday, 23rd September, SEBI released an order. In the order, SEBI stated, “Noticee 1, as Non-Executive director of the company, has taken the company in his own direction and has gone overboard in his role as Director. Noticee 1 (Jai Anmol Ambani) in doing so, gives a hint of being motivated and definitely not in the interests of the shareholders and has not acted with due care and diligence, and has not maintained high ethical standards.”
The regulator mentioned, “did not exercise reasonable due diligence with respect to the entire GPCL lending and the onward lending by these GPCL entities to other Reliance ADAG group companies, including Reliance Capital Limited.”
In the order, SEBI also pointed out Krishnan Gopalakrishnan. The order stated, “While being a part of the senior management of RHFL, (Gopalakrishnan) should have followed due process, complied with the code of conduct of the Company, and acted with due care and diligence in performing his duties and acted in good faith, in the interest of all stakeholders of the company.” SEBI has given both of them a period of 45 days to pay the penalty.