4 months ago
1
Three nationalist assemblage banks connected Monday (January 12, 2026) filed an entreaty against the enactment connected proceedings initiated against industrialist Anil Ambani and Reliance Communications Ltd classifying their slope accounts arsenic fraud.
The banks challenged a azygous Bench bid passed successful December 2025 granting interim alleviation to Ambani and his institution citing violations of mandatory RBI rules and a classical lawsuit of banks "waking up from heavy slumber" aft years.
The azygous Bench bid had stayed each contiguous and aboriginal enactment by Indian Overseas Bank, IDBI Bank and Bank of Baroda noting that the enactment was based connected a legally flawed forensic audit and violated the Reserve Bank of India's (RBI) mandatory guidelines.
The 3 banks successful its entreaty that came up for proceeding connected Monday (January 12, 2026) earlier a part Bench of Chief Justice Shree Chandrashekhar and Justice Gautam Ankhad said the forensic audit, which led to accounts being classified arsenic "fraud", was legally valid and based connected superior findings of money siphoning and misutilisation.
The banks said this was recorded successful the study submitted by the audit steadfast BDO LLP.
The banks successful their plea said Ambani had raised a method situation to the forensic audit earlier the azygous Bench.
The banks sought the part Bench to quash the azygous Bench's interim bid noting that the aforesaid was perverse.
The HC, aft proceeding little arguments connected Monday (January 12, 2026), posted the substance for further proceeding connected January 14.
Before the azygous Bench, Mr. Ambani had challenged show-cause notices issued by Indian Overseas Bank, IDBI and Bank of Baroda seeking to state his and Reliance Communications' accounts arsenic fraud accounts.
As an interim relief, helium sought a enactment to the notices and an injunction against immoderate coercive enactment connected the crushed that BDO LLP was not qualified to behaviour the forensic audit arsenic its signatory was not a chartered accountant.
BDO LLP was an accounting advisor steadfast and not an audit firm, Mr. Ambani had claimed.
The azygous Bench had agreed with Mr. Ambani and stayed the bank's action.
