The Bombay High Court has stayed all coercive action by Bank of Baroda, IDBI Bank and Indian Overseas Bank against Anil Ambani. The Court held that the forensic audit relied upon was not signed by a qualified chartered accountant and cannot be the basis for fraud action.
The Delhi High Court set aside Union Bank of India’s decision to label a company linked to Jai Anmol Ambani as fraudulent, citing violation of natural justice. The Court held that no valid show cause notice was served and allowed the bank to restart the process afresh as per law.
