https://www.taxtmi.com/highlights?id=81062 A public listed company (RHFL) was involved in siphoning off funds by structuring them as 'loans' to creditworthy conduit borrowers, resulting in disproportionate lending and moving funds to non-descript, financially weak privately held companies connected with the Reliance ADA group. Adequate disclosures were not made to public shareholders, violating securities laws. The fraud involved a complete breakdown of governance orchestrated by the promoter (Noticee No. 2 - Anil Ambani) and aided by key managerial personnel (KMPs). The KMPs (Noticees 3-5) played an active role, defying board directives and making false disclosures. Most borrower accounts turned NPAs, leading to RHFL defaulting on payments and resolution under RBI framework, severe..... en-us Fri, 06 Sep 2024 08:19:25 +0530 Fri, 06 Sep 2024 08:19:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81062 A public listed company (RHFL) was involved in siphoning off funds by structuring them as 'loans' to creditworthy conduit borrowers, resulting in disproportionate lending and moving funds to non-descript, financially weak privately held companies connected with the Reliance ADA group. Adequate disclosures were not made to public shareholders, violating securities laws. The fraud involved a complete breakdown of governance orchestrated by the promoter (Noticee No. 2 - Anil Ambani) and aided by key managerial personnel (KMPs). The KMPs (Noticees 3-5) played an active role, defying board directives and making false disclosures. Most borrower accounts turned NPAs, leading to RHFL defaulting on payments and resolution under RBI framework, severe..... Highlights SEBI Fri, 06 Sep 2024 08:19:25 +0530 https://www.taxtmi.com/highlights?id=81062