SEBI strikes ₹26 crore demand notice on Reliance Big Entertainment in RHFL fund diversion case

Capital markets regulator SEBI has asked Reliance Big Entertainment to pay ₹26 crore in fines for failing to clear penalties imposed by the regulator in a case pertaining to illegal diversion of funds.

The regulator also warned that assets, including bank accounts, of Reliance Big Entertainment Pvt Ltd (now known as Rbep Entertainment Pvt Ltd) will be attached if they fail to make the payment within 15 days of the notice issued on Thursday.

The notice was issued after the entity (Reliance Big Entertainment) failed to pay the ₹25 crore fine imposed by the regulator in August this year.

In the demand notice, SEBI directed the entity to pay ₹26 crore, including interest and recovery costs within 15 days.

Additionally, SEBI has imposed a penalty of ₹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.

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 ₹154.50 crore.

Last week, Sebi asked six entities, including RHFL and former company officials, to pay ₹129 crore in penalties.

On Tuesday, the markets regulator also asked Mohanbir Hi-Tech and Indian Agri Services to pay ₹52 crore in fines for the illegal diversion of funds from RHFL.