India’s capital-markets regulator has fined Anil Ambani-promoted Reliance Commercial Finance (RCFL) for violation of disclosure norms. The Securities and Exchange Board of India (Sebi) said it received four letters from debenture trustee Vistra ITCL providing information regarding various defaults by RCFL in the repayment of interest and principal amounts to debenture holders.
“I note that the notice that Reliance Commercial Finance (RCFL) was required to submit to the stock exchange on a half-yearly basis along with the half-yearly financial results, a statement indicating material deviations, if any, in the use of proceeds of the issue of debt securities and non-convertible redeemable preference shares from the objects stated in the offer document,” Sebi’s adjudicating officer G Ramar said in his order.
Sebi said that a similar default, the first of which was committed by the company on October 13, 2019. The period of examination was from April 1, 2019, to March 31, 2020.
