00:00Anil Ambani, who is in debt, has been hit hard by the market regulator SEBI.
00:09He has been banned for five years and has also been fined Rs 25 crores.
00:14SEBI has said in its extensive report that Ambani and his colleagues have tampered with the Reliance Home Finance Fund.
00:21There was a time when Anil Ambani was the third richest man in the country and the sixth richest man in the world.
00:26In 2008, his net worth was $ 42 billion and at one time Anil Ambani's company Reliance Capital's market cap was Rs 70,000 crores and it was ahead of HDFC.
00:38It was in the top financial institutions of the country.
00:41Now we will tell you in this video that when and how the country's top financial company became Diwali.
00:47So let's start with 2002.
00:49After the death of his father Dhirubhai Ambani, Anil Ambani had managed Reliance Industries' financial services, power and telecom business in 2002.
00:58In 2007, under the leadership of Anil Ambani, Reliance Capital had achieved a market capitalization of more than Rs 70,000 crores, beating HDFC.
01:10Ambani had said with full confidence that Reliance Capital is one of India's top three financial institutions.
01:18Now after this comes the year 2008.
01:21The global financial crisis of 2008 had created a serious financial problem for financial services companies.
01:28Despite these challenges, under the leadership of Ambani, the ADAG group continued its aggressive expansion.
01:34During this time, a lot of investment had also come into the group.
01:37He had made a joint venture with Steven Spielberg's Dreamworks.
01:41He had also bought companies such as Global Cloud Exchange, Japak, UTV Television, Peepawao Shipyard and MTS Telecom.
01:49After this, in many years, the group took a step in many sectors.
01:53Projects such as Reliance Power were included in these.
01:56The group also made an entry in Raksha and Media.
01:59Due to this, there was a lot of pressure on the group.
02:01In these sectors, the group entered at the wrong time, which made its financial condition worse.
02:08Reliance Communication could not cope with the changing times and continued to spread.
02:12After this comes 2018.
02:14In 2018, the financial problems of Reliance Capital began to emerge when Rating Agency Care downgraded the company and put it in the default category.
02:25After the failures of ILNFS and DHFL, the company's condition worsened due to a lack of liquidity.
02:31The situation got so bad that the auditor of Reliance Capital, PWC, refused to sign the balance sheet of FY19 due to governance issues.
02:40Now it's time for 2019.
02:43In 2019, Anil Ambani's financial problems increased to such an extent that he declared himself bankrupt in front of a British court.
02:53Finally, in 2021, Reliance Capital's financial condition worsened due to the default of Reliance Home Finance and Reliance Commercial Finance.
03:03The companies that had given loans to these companies themselves went bankrupt.
03:06In November 2021, RBI intervened and destroyed the board of Reliance Capital and sent the company to an insolvency proceeding.
03:16So this was the whole story of Anil Ambani's company, Reliance Capital, which went bankrupt.
03:22At one time, the company that was one of the top financial companies in the country went bankrupt in this way.
03:28And now, once again, Anil Ambani's problems have increased.
03:31He is already in a heavy debt.
03:33And after that, SEBI has also banned him for another 5 years and has also imposed a penalty on him.
03:39What do you think? Do tell us by commenting.
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