Top bidder for Reliance Home Fin wife of once banned investor Sanjay Dangi
Dangi had taken long futures bet in shares of real estate Ackruti City, where stock jumped from Rs 250 to Rs 2,300 in 52 trading days during 2009. Sudden rise in share price trapped some of high-profile foreign institutional investors. Sebi later banned futures trading in Ackruti shares
- Jun 16, 2021,
- Updated Jun 18, 2021 6:56 PM IST
Mumbai-based Authum Infrastructure and Investment hogs the limelight as the highest bidder for Anil Ambani's Reliance Home Finance. But not many know the people behind this Mumbai-based company which has a non-banking finance company (NBFC) license from the Reserve Bank of India (RBI). The housing finance arm of Anil Ambani's Reliance Capital is currently facing debt resolution of Rs 11,200 crore under RBI's framework for stressed assets.
First the credentials of the promoters. Authum is majority-owned and controlled by Alpana Dangi. She is the wife of Sanjay Dangi, who was banned by the market regulator Securities and Exchange Board of India (SEBI), a decade ago, for charges of collusion with promoters and price manipulations in as many as four well-known companies. He was banned by Sebi without a show-cause notice or a hearing, which he had contested, challenged and later exonerated by Sebi.
Sanjay Dangi is also part of Authum Infrastructure and Investment as an additional non-executive director. In fact, he entered the company in April this year as a non-independent director. In his initial years, Dangi, a chartered accountant, had also worked briefly for Anand Jain, a key lieutenant of the erstwhile unified Reliance (before the brothers split).
Mumbai-based Authum Infrastructure and Investment hogs the limelight as the highest bidder for Anil Ambani's Reliance Home Finance. But not many know the people behind this Mumbai-based company which has a non-banking finance company (NBFC) license from the Reserve Bank of India (RBI). The housing finance arm of Anil Ambani's Reliance Capital is currently facing debt resolution of Rs 11,200 crore under RBI's framework for stressed assets.
First the credentials of the promoters. Authum is majority-owned and controlled by Alpana Dangi. She is the wife of Sanjay Dangi, who was banned by the market regulator Securities and Exchange Board of India (SEBI), a decade ago, for charges of collusion with promoters and price manipulations in as many as four well-known companies. He was banned by Sebi without a show-cause notice or a hearing, which he had contested, challenged and later exonerated by Sebi.
Sanjay Dangi is also part of Authum Infrastructure and Investment as an additional non-executive director. In fact, he entered the company in April this year as a non-independent director. In his initial years, Dangi, a chartered accountant, had also worked briefly for Anand Jain, a key lieutenant of the erstwhile unified Reliance (before the brothers split).