Relief to Anil Ambani in Canara Bank account case; High Court issues notice to RBI
1 month, 1 week ago

Relief to Anil Ambani in Canara Bank account case; High Court issues notice to RBI

India Today  

The Bombay High Court last Friday directed the Reserve Bank of India to state whether it proposes to take any action against banks that repeatedly declare a person’s account as fraudulent without giving the account holder a hearing. The bench of Justices Revati Mohite-Dere and Neela Gokhale issued this direction while hearing a petition filed by industrialist Anil Ambani, whose Canara Bank loan account was declared fraudulent without being granted a hearing. The bench granted relief to Ambani by staying Canara Bank’s order declaring his account as fraudulent. Canara Bank has reportedly classified the loan accounts of Ambani's bankrupt telecom venture, Reliance Communications, and its subsidiary as fraudulent, alleging the misappropriation of Rs 1,050 crore loaned in 2017.

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History of this topic

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI
3 weeks, 1 day ago

Bombay High Court slams banks casual take on declaring accounts fraud, asks Anil Ambani to approach RBI

The Hindu  

Raising concerns over banks casual take in declaring bank accounts as defaulter or fraud, the Bombay High Court on Friday, issued notice to Union Bank of India and the Reserve Bank of India in response to a petition filed by industrialist Anil Ambani. The petition challenges the October 10, 2024, order passed by the UBI by which it classified Mr. …

HC raps RBI, Union Bank over bypassing of rules to declare Ambani account “fraudulent”
3 weeks, 1 day ago

HC raps RBI, Union Bank over bypassing of rules to declare Ambani account “fraudulent”

Hindustan Times  

MUMBAI: The Bombay high court on Friday issued notices to the Reserve Bank of India and the Union Bank of India regarding the bypassing RBI’s master circular while classifying the loan accounts of businessman Anil Ambani as “fraudulent”. HC raps RBI, Union Bank over bypassing of rules to declare Ambani account “fraudulent” “We are repeatedly coming across cases where banks …

Bombay HC Directs Anil Ambani to Approach RBI in Loan Fraud Classification Case
Trending News
3 weeks, 2 days ago

Bombay HC Directs Anil Ambani to Approach RBI in Loan Fraud Classification Case

Deccan Chronicle  

Mumbai: The Bombay High Court on Friday issued a notice to the Union Bank of India and the Reserve Bank of India in response to a petition filed by industrialist Anil Ambani challenging the classification of his loan account as fraud. The Court expressed concerns over the "cut, copy, paste manner" in which banks pass orders declaring accounts as `defaulter' …

Bombay High Court Flags 'Cut Copy Paste' Orders Being Passed By Banks To Declare Fraud Accounts; Asks Anil Ambani To Approach RBI
3 weeks, 2 days ago

Bombay High Court Flags 'Cut Copy Paste' Orders Being Passed By Banks To Declare Fraud Accounts; Asks Anil Ambani To Approach RBI

Live Law  

The Bombay High Court on Friday asked industrialist Anil Ambani to approach the Reserve Bank of India to challenge the October 10, 2024 order passed by the Union Bank of India by which it classified his loan account, related to Reliance Communications, as "fraudulent account." A division bench of Justices Revati Mohite-Dere and Dr Neela Gokhale noted that the banks …

Relief For Anil Ambani As Bombay High Court Stays Canara Bank's Order Classifying Reliance Comm Loan Account As 'Fraud'
1 month, 2 weeks ago

Relief For Anil Ambani As Bombay High Court Stays Canara Bank's Order Classifying Reliance Comm Loan Account As 'Fraud'

Live Law  

In a relief to industrialist Anil Ambani, the Bombay High Court on Friday stayed an order passed by the Canara Bank by which it classified his loan account, related to Reliance Communications, as "fraudulent account. In a relief to industrialist Anil Ambani, the Bombay High Court on Friday stayed an order passed by the Canara Bank by which it classified …

Lender Banks Required To Provide Audit Reports To Borrowers & Allow Representation Before Classifying Accounts As Fraud: Gujarat High Court
1 year ago

Lender Banks Required To Provide Audit Reports To Borrowers & Allow Representation Before Classifying Accounts As Fraud: Gujarat High Court

Live Law  

The Gujarat High Court while partly allowing a special civil application has emphasized the importance of lender banks affording borrowers the opportunity to review audit reports and present their case before categorizing an account as fraudulent. During meetings held on 18.08.2020 and 29.09.2020, discussions were held regarding forensic audit reports dated 11.08.2020 and 18.09.2020, along with various related issues, including …

Anil Ambani appears before ED in FEMA case
1 year, 8 months ago

Anil Ambani appears before ED in FEMA case

The Hindu  

Industrialist Anil Ambani appeared before the Enforcement Directorate’s office on Monday morning in connection with an investigation linked to an alleged contravention of the foreign exchange law, an ED official said. On August 8, 2022, the I-T Department issued a notice to Mr. Ambani over the alleged evasion of ₹420 crore in taxes on undisclosed funds of more than ₹814 …

Bombay high court relief for Anil Ambani in Rs 420 crore tax evasion case
2 years, 5 months ago

Bombay high court relief for Anil Ambani in Rs 420 crore tax evasion case

India Today  

The Bombay high court has asked the Income Tax department not to take any coercive action against businessman and Reliance group Chairman Anil Ambani under the Black money Act. The I-T department had sought to prosecute Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held …

Contempt Petitions Filed Before Supreme Court For Alleged 'Wilful Violation' Of SC's Order On Non- Declaration Of NPAs
3 years, 10 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 …

HC asks RBI, SBI to maintain status quo on accounts of three Anil Ambani-led firms
4 years, 2 months 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. …

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, 2 months 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 …

Delhi HC sends notice to Chinese banks on Anil Ambani’s plea
4 years, 5 months ago

Delhi HC sends notice to Chinese banks on Anil Ambani’s plea

Live Mint  

An Indian court has reached out to a group of Chinese banks that are trying to recover money from Anil Ambani, in the latest twist in a personal bankruptcy case against the former billionaire. Ambani has requested that the banks be included in his challenge to a separate bankruptcy case against him in India, and the Delhi High Court is …

Delhi HC Tells Canara Bank To Pay Rs. 2.62-Lakh Compensation For Wrongful Attachment of Property [Read Judgment]
7 years, 9 months ago

Delhi HC Tells Canara Bank To Pay Rs. 2.62-Lakh Compensation For Wrongful Attachment of Property [Read Judgment]

Live Law  

The Delhi High Court, in the case of VK Bhatnagar vs Canara Bank and Anr, has directed the bank to compensate the petitioner for the trauma and humiliation caused due to wrongful attachment of his property because of the bank’s negligence arising due to mistaken identity.The petition was filed by VK Bhatnagar, whose property was wrongly attached by Canara Bank …

Delhi HC Tells Canara Bank To Pay Rs. 2.62-Lakh Compensation For Wrongful Attachment of Property [Read Judgment]
7 years, 9 months ago

Delhi HC Tells Canara Bank To Pay Rs. 2.62-Lakh Compensation For Wrongful Attachment of Property [Read Judgment]

Live Law  

The Delhi High Court, in the case of VK Bhatnagar vs Canara Bank and Anr, has directed the bank to compensate the petitioner for the trauma and humiliation caused due to wrongful attachment of his property because of the bank’s negligence arising due to mistaken identity.The petition was filed by VK Bhatnagar, whose property was wrongly attached by Canara Bank …

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