Anil Ambani fraud case: Banks push back against court's pause on 'fraud' label
Three major public sector banks—Indian Overseas Bank, IDBI Bank, and Bank of Baroda—are fighting a Bombay High Court order that put a hold on calling Anil Ambani and Reliance Communications Ltd (RCom) accounts fraudulent.
The banks appealed on January 12, arguing that the earlier decision questioned the RBI-guided forensic audit by BDO LLP.
What's happening in court?
The banks told a division bench that the stay was "perverse" and undermined the audit's credibility.
The next hearing is set for January 14.
Meanwhile, Bombay HC also dismissed Ambani's attempt to overturn SBI's earlier fraud tag on RCom accounts.
Ambani's side of the story
Ambani claims the BDO LLP audit was flawed since it lacked a qualified chartered accountant as signatory—a key point in his defense against the fraud classification now under challenge.