ANIL AMBANI RELIANCE INFRASTRUCTURE LATEST NEWS AND UPDATE

Anil Ambani and Reliance Infrastructure: Latest News and Updates

Anil Ambani, the chairman of the Reliance Anil Dhirubhai Ambani Group, and his company Reliance Infrastructure have been in the news recently due to several significant developments. Here are the latest updates and news surrounding Anil Ambani and Reliance Infrastructure:

SEBI Action and Market Impact

1. Ban from Securities Market:
   • The Securities and Exchange Board of India (SEBI) has banned Anil Ambani from the securities market for five years, along with a fine of Rs 25 crore. This action follows an investigation into alleged fund diversion from Reliance Home Finance (RHFL), a former subsidiary of Reliance Capital.
2. Impact on Share Prices:
   • The SEBI order has led to a significant decline in the share prices of Reliance Infrastructure and Reliance Power. Reliance Infrastructure shares fell by as much as 14%, while Reliance Power shares dropped up to 5%.

Loan Guarantees and Debt Issues

1. Rare ARC Bids for SBI’s Claims:
   • Rare Asset Reconstruction Company is acquiring State Bank of India’s (SBI) claims from personal guarantees issued by Nikhil and Bhavesh Gandhi for loans to Reliance Naval and Engineering. This move is part of the broader efforts to recover overdue money from corporate debtors’ personal guarantors, as upheld by the Supreme Court.
2. Debt Repayment Plans:
   • Reliance Infrastructure plans to raise $350 million through foreign currency convertible bonds (FCCBs) to repay debt and start electric power generation businesses. The company has significant debt facilities, including term loans and non-convertible debentures.

Supreme Court Rulings

1. Arbitral Award Reversal:
   • The Supreme Court has overturned an Rs 8,000 crore arbitral award in favor of Delhi Airport Metro Express Pvt Ltd (DAMEPL), a Reliance Infrastructure arm. The court cited patent illegality and allowed Delhi Metro Rail Corporation’s curative petition, ordering refunds of amounts deposited by DMRC.
2. No Liability on Reliance Infra:
   • Reliance Infrastructure clarified that the Supreme Court order setting aside the arbitral award does not impose any liability on the company. However, the order does require DAMEPL to refund sums previously paid by Delhi Metro Rail.

Future Prospects and Compliance

1. Compliance with SEBI Orders:
   • Anil Ambani has resigned from the boards of Reliance Infrastructure and Reliance Power in compliance with SEBI’s interim order dated February 11, 2022. The recent SEBI order has no impact on the business operations of these companies.
2. Legal Options:
   • Ambani is reviewing the final SEBI order and exploring legal options, including a potential appeal to the Securities Appellate Tribunal (SAT).

Conclusion

The recent developments surrounding Anil Ambani and Reliance Infrastructure reflect significant challenges and regulatory actions. The SEBI ban, loan guarantee issues, and Supreme Court rulings have substantial implications for the company’s financial health and future prospects. This article provides a detailed look at the latest news and updates surrounding Anil Ambani and Reliance Infrastructure, making it a valuable resource for those interested in corporate news and regulatory actions.