Bombay High Court Hears Banks’ Appeals Against Stay on RBI Fraud Action Against Anil Ambani

The Bombay High Court took up appeals by public sector banks and an auditor challenging a single-judge order that stayed coercive action against Anil Ambani under the RBI’s 2024 Master Directions on fraud classification.

The Court observed that the interim protection was granted on a prima facie finding that the forensic audit report relied upon was not signed by a Chartered Accountant registered with the ICAI. 

The Division Bench noted the banks’ contention that the suit was time-barred and that the stay undermined the RBI’s fraud framework. 

The matter was listed for continued hearing on January 14.