Bombay HC Sets Aside Order Restraining Banks from Acting Against Anil Ambani Under RBI Fraud Directions

The Bombay High Court has set aside a single-judge order that restrained banks from proceeding against Anil Ambani under the RBI’s 2024 Master Directions on fraud classification.

The Bench led by Chief Justice Shree Chandrashekhar termed the earlier relief “perverse” and “illegal,” refusing to stay its own ruling for four weeks.

The Court held that continuing the interim protection would perpetuate illegality.

The single judge had earlier stayed coercive steps based on a forensic audit into Reliance Communications, citing issues regarding ICAI registration of the signatory.

[Bank of Baroda v. Anil Ambani & Ors. & connected petitions]