Sebi issues Rs 26 crore demand notice to Reliance Big Entertainment

Market regulator Sebi has directed Big Entertainment to pay Rs 26 crore fine for failing to settle penalties imposed in a case related to the illegal diversion of funds.
Furthermore, the Securities and Exchange Board of India also issued a warning that if Reliance Big Entertainment Pvt Ltd (now Rbep Entertainment Pvt Ltd) fails to make the payment within 15 days of the notice issued on Thursday, their assets, including bank accounts, will be seized.
The demand notice was issued after the entity failed to pay the Rs 25 crore fine imposed by the regulator earlier this year in August, when the markets watchdog had banned industrialist Anil Ambani and 24 others from the securities market for five years due to charges of fund diversion from Reliance Home Finance Limited (RHFL).
Additionally, Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company entity for five years.
Sebi had also penalized Anil Ambani of Rs 25 crores and further imposed a five year restriction on him from serving as a director or Key Managerial Personnel (KMP) in any listed company.
In early November, Sebi issued demand notices to six entities, including RHFL's promoter entity Crest Logistics and Engineers (now known as CLE Pvt Ltd), and asked them to pay Rs 154.50 crore.
Earlier, in November, the exchange board had directed six entities, including Reliance Home Finance Limited (RHFL) and former company officials, to pay a total of Rs 129 crore in penalties.
On Tuesday, the markets regulator also ordered Mohanbir Hi-Tech and Indian Agri Services to pay Rs 52 crore in fines for the illegal diversion of funds from Reliance Home Finance Limited (RHFL).