The Delhi High Court questioned why Union Bank issued a fraud-related show cause notice to Jai Anmol Ambani after Reliance Home Finance’s resolution plan was already approved by lenders and the Supreme Court. While refusing to stay the proceedings, the Court directed the Bank to hear Ambani and pass a reasoned order, subject to the High Court’s final decision.
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.
The Supreme Court ruled that Section 35 of the SARFAESI Act cannot override any provision of the Constitution, including special protections under Article 371A for Nagaland. The Court held that SARFAESI action taken before the Act’s adoption in Nagaland was without jurisdiction and legally invalid.
The Banking Laws (Amendment) Act, 2025, comes into effect on August 1, bringing key changes to bank capital norms, governance, and auditor rules. Here’s a detailed explanation.
Canara Bank informed the Bombay High Court it has revoked its order declaring Anil Ambani’s loan account as “fraudulent.” The court closed the case, stating RBI must be informed.
Justice Pankaj Mittal, born on June 17, 1961, assumed office on February 6, 2023, and will retire on June 16, 2026. With a notable legal lineage, he has over 37,000 judgments across various fields and served as a judge in multiple high courts. He enjoys philately and has contributed to judicial administration.
