Overview

• Anil Ambani’s lawyers contend SBI passed its June 13 fraud order ex-parte without granting him a personal hearing and withheld key annexures of the forensic audit report.
• SBI insists its fraud classification rests on a forensic audit that uncovered fund diversion and loan irregularities and obliges it to report to the RBI and lodge a CBI complaint.
• On July 10, Canara Bank unconditionally withdrew its fraud tag against Reliance Communications and Ambani before the Bombay High Court, deeming the classification unsustainable in law.
• The RBI-mandated fraud tag bars RCom and Ambani from accessing institutional credit for five years and has prompted personal insolvency proceedings against Ambani before the NCLT, Mumbai.
• Separate probes by the ED, CBI, and SEBI continue, including ED raids over alleged Yes Bank loan diversions and SEBI’s rejection of settlement pleas in AT1 bond cases.