Bombay HC puts brakes on UCO Bank's fraud tag for ex-RCom director
Bombay High Court has paused UCO Bank's move to call Manjari Ashok Kacker, a former independent director at Reliance Communications (RCom), a "fraudulent borrower."
The bank had sent her a notice in May 2024, linking her to alleged financial misdeeds flagged during RCom's insolvency process that started back in 2018.
Why did the court step in?
The judges said UCO Bank didn't give Kacker clear details about what she was actually accused of, or let her see the audit report they were using against her.
Kacker's counsel argued she was not involved in RCom's day-to-day management when the loans were taken, and the court noted the bank failed to specify her individual role or provide supporting documents.
For now, the fraud label is on hold while things get sorted out.
What's this all about?
Kacker and others—including RCom owner Anil Ambani—were named by lenders over big loans from before May 2018 that allegedly got misused.
The CBI even searched Ambani's home as part of their probe.
But for now, at least for Kacker, the court says she deserves a fair shot to respond before any labels stick.