HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms
4 years ago

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms

Live Mint  

The Delhi high court on Wednesday directed the State Bank of India and the Reserve Bank of India to maintain status quo concerning the accounts of Anil Ambani’s Reliance Communications Ltd, Reliance Telecom and Reliance Infratel. A petition by RCom’s former director Punit Garg has challenged certain vires of RBI circular 2016 on the classification of the accounts as fraud. In view of the orders passed earlier by the high court in similar matters, Justice Prateek Jalan directed SBI to “maintain status quo till next date of hearing” with regard to the accounts of the three companies. The high court, however, granted SBI the liberty to take any step in the nature of an investigation or to file any complaint proceedings independent of the order declaring the accounts as “fraud accounts”.

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History of this topic

'Bank Should Remain Vigilant' : Supreme Court Holds SBI Liable To Refund Amount To Customer Who Reported Fraudulent Transaction
2 days, 20 hours ago

'Bank Should Remain Vigilant' : Supreme Court Holds SBI Liable To Refund Amount To Customer Who Reported Fraudulent Transaction

Live Law  

The Supreme Court recently observed that banks cannot shy away from the responsibility to safeguard their customers from unauthorized transactions reported from their accounts. The Court upheld the State Bank of India's liability for the fraudulent and unauthorized transactions reported in the customer's bank account. The bench was hearing the SLP filed by the SBI against the Gauhati High Court's …

Delhi High Court Calls For Meeting To Ensure Banks Follow SOP On Providing Info About Fraudulent Transactions To Law Enforcement Agencies
11 months ago

Delhi High Court Calls For Meeting To Ensure Banks Follow SOP On Providing Info About Fraudulent Transactions To Law Enforcement Agencies

Live Law  

The Delhi High Court has directed the Indian Banks Association to hold a meeting to ensure that all banks follow the Standard Operating Procedure in respect of providing information on fraudulent transactions to the law enforcement agencies.Justice Prathiba M Singh observed that the SOP and the manner in which it has to be implemented by all the banks is still …

Delhi High Court Quashes Decision To Declare Religare Finvest's Account As 'Fraud'
1 year ago

Delhi High Court Quashes Decision To Declare Religare Finvest's Account As 'Fraud'

Live Law  

The Delhi High Court has recently quashed the decision of State Bank of India declaring Religare Finvest's account as “fraud” and including it on the Central Fraud Registry of Reserve Bank of India. Justice Purushaindra Kumar Kaurav said that SBI will be at liberty to take an appropriate action in accordance with law, if so necessitated.The court disposed of a …

'Why Freeze Entire Bank Account Of Traders Just Because Unknown Cyber Criminals Paid Them Through UPI?' Kerala High Court
1 year, 2 months ago

'Why Freeze Entire Bank Account Of Traders Just Because Unknown Cyber Criminals Paid Them Through UPI?' Kerala High Court

Live Law  

The Kerala High Court recently directed Banks to limit the freezing orders issued in respect of persons into whose accounts amounts had been transferred via UPI platform as part of a cyber financial crime, to the amount involved in the crime as mentioned in the order/requisition issued by the Police Authorities. The Court in this case was considering a batch …

Bombay HC stays RBI circular allowing banks to declare fraud accounts without hearing
1 year, 6 months ago

Bombay HC stays RBI circular allowing banks to declare fraud accounts without hearing

India Today  

The Bombay High Court, on Monday, put an interim stay on the effect of the master circular issued by the Reserve Bank of India in 2016 that allows public sector and commercial banks to declare any account as a fraudulent account without a hearing. During the hearing, the bench stayed the effect of the 2016 RBI master directions on the …

Never Said Borrowers Should Be Personally Heard Before Their Accounts Are Classified As Fraud : Supreme Court
1 year, 7 months ago

Never Said Borrowers Should Be Personally Heard Before Their Accounts Are Classified As Fraud : Supreme Court

Live Law  

The Supreme Court on Friday clarified that its judgment, which mandated that borrowers should be heard by banks before their accounts are classified as fraudulent in terms of the RBI master circulars, did not mean that they should be personally heard.Opportunity of hearing does not mean personal hearing, said the bench comprising Chief Justice of India DY Chandrachud and Justice …

No Previous Sanction Required To Prosecute Bank Officials In Connection With IPC/RPC Offences: Jammu & Kashmir & Ladakh HC
2 years, 7 months ago

No Previous Sanction Required To Prosecute Bank Officials In Connection With IPC/RPC Offences: Jammu & Kashmir & Ladakh HC

Live Law  

The Jammu and Kashmir and Ladakh High Court has observed that there is no need to obtain the previous sanction to prosecute bank officials in connection with offences under IPC/RPC.The Bench of Justice Sanjay Dhar also observed that the appointing and removing the authority of the officials of the petitioner Bank is not the Government but it is the competent …

'SBI Can't Misinterpret RBI Circulars'- Madras High Court Holds Collection of Cash Handling Charges From Stamp Vendors Illegal
3 years, 1 month ago

'SBI Can't Misinterpret RBI Circulars'- Madras High Court Holds Collection of Cash Handling Charges From Stamp Vendors Illegal

Live Law  

The practice of collecting cash handling charges from stamp vendors who deposit money through treasury challans into the Government account must be done away with, Madras High Court has ruled recently, giving strict directions to the State Bank of India. "In the absence of any such specific direction or instructions from the Reserve Bank of India, the State Bank of …

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs
3 years, 7 months ago

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs

Live Law  

Supreme Court has been moved by two Companies seeking punishment to contemners for flouting the top Court's order dated 3rd Sept 2020 whereby it had declared that " accounts which were not declared NPA till 31st August 2020 shall not be declared NPA till further orders " The petitions have been filed by Advocate Vishal Tiwari and Advocate Abhigya. The …

After Union Bank, IOB, Delhi HC Directs SBI, RBI To Maintain Status Quo On Classification Of Anil Ambani's RComm, Reliance Telecom Accounts
4 years ago

After Union Bank, IOB, Delhi HC Directs SBI, RBI To Maintain Status Quo On Classification Of Anil Ambani's RComm, Reliance Telecom Accounts

Live Law  

About a week after Union Bank of India and Indian Overseas Bank, State Bank of India and the Reserve Bank of India have been directed by the Delhi High Court to maintain status quo on the classification of Anil Ambani's Reliance Communication Ltd's and Reliance Telecom Ltd's accounts as 'fraudulent' until Jan 13, 2021. Issuing notice on a plea towards …

Half-Hearted Approach By CBI Towards Investigating Bank Officials: Special CBI Court Ghaziabad Orders Further Investigation
4 years, 1 month ago

Half-Hearted Approach By CBI Towards Investigating Bank Officials: Special CBI Court Ghaziabad Orders Further Investigation

Live Law  

A Delhi Court on Monday pulled up the Central Bureau of Investigation for conducting a 'half-hearted' investigation against the officers of the Punjab National Bank, Ghaziabad, allegedly involved in cheating the Bank by sanctioning housing loans without proper verification of the allottees. It is difficult to believe that the accused would have been able to commit the alleged fraud without …

HC Seeks Centre, SBI Stand on Anil Ambani's Plea to Include Chinese Banks in Insolvency Proceedings
4 years, 2 months ago

HC Seeks Centre, SBI Stand on Anil Ambani's Plea to Include Chinese Banks in Insolvency Proceedings

News 18  

New Delhi: The Delhi High Court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of USD 717 million against him from a court in United Kingdom, in the proceedings here related to recovery of Rs 1200 crore loan granted to two of his …

SC Rejects SBI Plea Seeking Vacation Of Stay On Insolvency Proceedings Against Anil Ambani
4 years, 3 months ago

SC Rejects SBI Plea Seeking Vacation Of Stay On Insolvency Proceedings Against Anil Ambani

Live Law  

The Supreme Court has declined to vacate a stay, earlier granted by Delhi High Court towards the ongoing IBC proceedings against Reliance Group Chairman Anil Ambani.A bench of Justices L Nageswara Rao, Hemant Gupta & S. Ravindra Bhat asked the petitioner bank to complete proceedings before the High Court and seek modification as prayed for, adding that the case will. …

Delhi HC Stays Insolvency Proceedings Initiated Against Anil Ambani For Rs 1200 Crores Personal Guarantee To SBI
4 years, 4 months ago

Delhi HC Stays Insolvency Proceedings Initiated Against Anil Ambani For Rs 1200 Crores Personal Guarantee To SBI

Live Law  

In a plea moved by Anil Ambani challenging the appointment of a Resolution Professional for a personal guarantee given by him for loans taken by Reliance Communications Ltd and Reliance Infratel Ltd from the State Bank of India, the Delhi High Court has issued notice and stayed the proceedings initiated against him under Part III of the Insolvency & Bankruptcy …

NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore
4 years, 6 months ago

NCLT reserves order on SBI plea against Anil Ambani to recover over Rs 1,200 crore

India TV News  

The National Company Law Tribunal on Tuesday reserved its order on the State Bank of India plea against Anil Ambani to recover over Rs 1,200 crore under the personal guarantee clause of the bankruptcy law. Anil Ambani had given a personal guarantee to the loans given to Reliance Communications and Reliance Infratel. In early 2019, Reliance Communications, once the flagship …

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]
4 years, 8 months ago

RBI's Intention Is To Maintain Status Quo On Account Classification As On March 1 During Moratorium Period : Delhi HC [Read Order]

Live Law  

The Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank, in light of the moratorium allowed by the RBI by its circular issued on March 27. While passing the interim order, the bench expressed agreement with the view expressed by another bench in the case Ananth …

Yes Bank: ED summons Anil Ambani
4 years, 9 months ago

Yes Bank: ED summons Anil Ambani

The Hindu  

Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday. They said Ambani has been asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are one among the big entities whose loans went …

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions
5 years, 1 month ago

PMC Bank Falsified Records, Treated NPA Accounts As Non-NPA; RBI Tells Bombay HC, Court Refuses To Interfere With Withdrawal Restrictions

Live Law  

As hundreds of aggrieved depositors of the Punjab and Maharashtra Co-operative Bank protested outside the Bombay High Court, Reserve Bank of India on Tuesday filed a detailed affidavit listing out the reasons why the financial irregularities at Punjab and Maharashtra Co-operative Bank were not detected earlier by the Central Bank and steps being taken to ease the financial stress that …

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials
5 years, 6 months ago

NCLAT reserves order on admission of contempt plea filed against Anil Ambani, other officials

Firstpost  

New Delhi: The National Company Law Appellate Tribunal on Wednesday reserved its order over the admission of a contempt petition filed against Reliance Group Chairman Anil Ambani and its other officials by minority shareholders alleging non-payment of dues by Reliance Infratel. A two-member bench, headed by NCLAT Chairman Justice S J Mukhopadhaya, said it will decide whether the contempt petition …

Fate Of The Accounts Covered Under The February 2018 Circular Post-Supreme Court Judgment
5 years, 9 months ago

Fate Of The Accounts Covered Under The February 2018 Circular Post-Supreme Court Judgment

Live Law  

The Supreme Court of India in the matter of Dharani Sugars & Chemical Ltd Vs. Union of India struck down Circular dated 12th February 2018 issued by RBI as ultra vires of section 35AA of the Banking Regulation Act, 1949. The Supreme Court analyzed the scope of power of RBI under Section 35 AA of the BR Act and held …

Delhi court summons 11 top PNB officials for violation of banking regulations, criminal conspiracy
5 years, 9 months ago

Delhi court summons 11 top PNB officials for violation of banking regulations, criminal conspiracy

India TV News  

A Delhi court has summoned as accused 11 top officials of the Punjab National Bank, including former and current executive officials and the current managing director, for alleged violation of banking regulations and criminal conspiracy. In its complaint, the RBI has alleged non-compliance of its 2016 order directing commercial banks, including the PNB, to integrate their core banking system with …

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