RELIANCE HOME FINANCE LTD. BARRED FROM SECURITIES MARKET FOR SIPHONING OFF FUNDS: SEBI The Securities and Exchange Board of India (SEBI) has barred Reliance Home Finance Limited, Mr. Anil Ambani and three other individuals from dealing with the securities market directly or indirectly for allegedly siphoning off funds from Reliance Home Finance Ltd. (RHFL) to other companies. SEBI was acting on certain complaints alleging siphoning off and diversion of funds of RHFL by promoters and management of the company. After going through the complaints and conducting an investigation of the company for the financial year 2018-19, SEBI found that loans were disbursed by RHFL during the period of 2018-19 to several borrowing entities and there were multiple Fraud Monitoring Returns (FMRs) from banks alleging, among others, that funds borrowed by RHFL from different lenders were partly used towards repayment of loans. SEBI also noted that the key managerial personnel of the company were hand in hand with Mr. Anil Ambani to siphon off borrowed funds of the company to other financially weak promoter group companies. Based on these observations the regulator barred them from dealing in the securities market. Reddy and Reddy Law Firm provides a wide range of corporate legal services ranging from incorporation to winding up and all the legal compliances related to it. We are regularly involved in representations before NCLT, NCLAT, DRT, DRAT and other commercial tribunals in India.