Loans misrepresented as general purpose working capital loans were utilized in a circular funding scheme, known as evergreening. This deceptive practice involved companies closely connected to the Chairman, which lacked substantive assets to support their financial standing. The situation escalated with the sudden resignation of the company's statutory auditor in June 2019, raising further concerns about the integrity of financial operations.
On August 23rd, the Securities & Exchange Board of India (SEBI) slapped ADAG Chairman Anil Ambani and its associated 24 entities with a combined penalty of ₹624 crores for allegedly siphoning off funds. And if you’re wondering why and what Anil Ambani had to say in defense, in today's episode for 27th August 2024, we offer you a simplified take on the saga.
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