Monday, January 25, 2021
Home Business News ‘Status quo’ for Anil Ambani companies’ SBI accounts - Times of India

‘Status quo’ for Anil Ambani companies’ SBI accounts – Times of India


NEW DEKHI: The Delhi high court on Wednesday asked SBI to maintain status quo with regard to accounts of Anil Ambani’s firms — Reliance Communication (RCom), Reliance Telecom and Reliance Infratel — which the bank has declared as fraud accounts.
Justice Prateek Jalan, however, allowed SBI and the RBI to take steps in the nature of an investigation or filing of complaints against the erstwhile directors and the three companies independent of the action of declaring the accounts as fraud.
The HC acted on a plea by former directors of the three companies challenging a 2016 circular of the RBI on declaring accounts as fraud by banks. According to the plea, the circular allows banks to declare an account as fraud without giving any prior notice or communication to the account holder against the principles of natural justice.



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