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.
Sebi has imposed a 5-year ban and Rs 25 crore fine on Anil Ambani and 24 others, including former officials of Reliance Home Finance Ltd, for fund diversion. The scheme involved fraudulent loans to entities connected to Ambani, resulting in significant losses for over 900,000 shareholders. The entities involved have also been fined by Sebi.
