After Anil Ambani, SEBI Expelled This Businessman From The Market, This Reason Came To Light

These days, SEBI is taking action very quickly. After Anil Ambani, this businessman has also been delisted from the stock market. The Securities and Exchange Board of India (SEBI) has delisted Rajasthan-based Debok Industries Ltd, its promoters and chairman and managing director Mukesh Manvir Singh from the capital markets for defrauding investors. The regulator said that the promoters are involved in misappropriation of company funds.

Fraud worth so many crores of rupees has been committed

Apart from these, Debok Industries (DIL) promoter Sunil Kalot and Mukesh Manvir Singh’s wife Priyanka Sharma have also been delisted from the stock market. Apart from this, the regulator has also seized total illicit gains of Rs 89.24 crore earned from the alleged fraudulent activities carried out by these three individuals. SEBI has also imposed many more restrictions on these individuals. Debok Industries, which is listed on NSE, is primarily into agricultural equipment, hotel services and mining.

Anil Ambani has also been banned.

Let us tell you that recently, the market regulator SEBI also imposed a fine of Rs 6 lakh on Anil Ambani’s company Reliance Home Finance and this company has been banned for 6 months. With this, SEBI had banned Anil Ambani for 5 years. The ban was also imposed on 24 entities including Anil. SEBI banned all of them from the stock market. In addition to this, SEBI also imposed a fine of Rs 25 crore. Following this ban, Anil Ambani will no longer be able to participate in the stock market.

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He, with the help of key management personnel of RHFL, devised a fraudulent scheme to siphon off funds from RHFL, which he disguised as loans to entities linked to him. However, the board of directors of RHFL had issued strict instructions to put a stop to such lending practices.