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.
A special CBI court in Mumbai issued a non-bailable warrant against Vijay Mallya for a Rs.180 crore loan default case linked to Indian Overseas Bank. The court cited Mallya’s fugitive status and issued an open-ended NBW to ensure his presence. The allegations include deliberate default on loan payments, causing significant financial loss to the bank. The case has drawn widespread attention and the Indian government is intensifying efforts to extradite Mallya from the UK.
