Businessman Anil Ambani suffered a setback in the Supreme Court. The Bombay High Court dismissed a petition filed by Anil Ambani challenging the sanction of proceedings in the fraudulent accounts of Reliance Communications. To this extent, a three-judge bench headed by the Chief Justice of the Supreme Court, Justice Suryakant announced its decision. However, the High Court allowed Anil Ambani to present his arguments before the single judge bench on the show cause notices issued by the bank. The High Court was directed to complete the process expeditiously.
Anil Ambani first challenged the Bombay High Court Single Bench challenging the Bank of Baroda, Indian Overseas Bank and IDBI Bank declaring his and Reliance Communications accounts fraudulent. Due to this, they were ordered to stay and not to take any action in the future. The bench observed that the Reserve Bank of India guidelines were not followed in identifying fraudulent accounts. Three banks and audit firm BDO Idea LLP have gone to appeal against this verdict. With this, the Division Bench set aside the orders of the Single Bench and allowed further proceedings. In this order, Anil Ambani approached the Supreme Court and got a setback there.
