India's financial markets regulator has rejected applications by industrialist Anil Ambani and his corporate group to settle allegations of misusing almost $700 million of company funds, documents reviewed by Reuters show.
The Securities and Exchange Board of India last week rejected the requests over allegations that Ambani and Reliance Infrastructure were involved in improperly routing 65.26 billion rupees ($691 million) to entities related to controlling shareholder Ambani, the documents show.
