Wed Dec 24 09:33:07 UTC 2025: Summary:
The Bombay High Court granted Anil Ambani interim relief, preventing Bank of Baroda, IDBI Bank, and Indian Overseas Bank from acting on show-cause notices and fraud classification orders issued against him. The court found the forensic audit report, which formed the basis for these actions, to be “prima facie inconclusive and incomplete” and not signed by a qualified Chartered Accountant as required by law. The report alleged fund diversion by Reliance Communications, leading to an exposure of ₹31,580 crore for a consortium of 20 banks. Mr. Ambani argued the audit was flawed and violated RBI norms. The court sided with Mr. Ambani, criticizing banks for procedural lapses and disregarding RBI timelines.
News Article:
Bombay High Court Grants Anil Ambani Relief in Fraud Case
Mumbai, December 24, 2025 – In a significant ruling today, the Bombay High Court granted interim relief to Anil D. Ambani, temporarily halting actions by Bank of Baroda, IDBI Bank, and Indian Overseas Bank against him related to show-cause notices and fraud classification orders.
Justice Milind N. Jadhav ruled that the forensic audit report by BDO LLP, which formed the basis of the banks’ actions, was “prima facie inconclusive and incomplete” because it was not signed by a qualified Chartered Accountant, a requirement under Indian law.
The case stems from a forensic audit ordered by a consortium of 20 banks, led by State Bank of India, investigating Reliance Communications’ financial dealings between 2013 and 2017. The audit alleged the diversion of funds, including ₹12,692 crore to related parties. Lenders faced an exposure of ₹31,580 crore.
Ambani’s legal team argued that the audit was flawed, delayed, and conducted by an unqualified entity. The court agreed, emphasizing that RBI guidelines require auditors to be qualified under relevant statutes.
Justice Jadhav criticized the banks for ignoring RBI timelines and procedural lapses. “Money with Banks is public money. RBI Master Directions are required to be followed to the hilt,” the judge stated, stressing the importance of banks adhering to regulations to safeguard public funds.
The court stayed all actions based on the forensic report and notices, preventing what it described as potential “civil death without trial.” Banks and BDO LLP’s requests for a stay of this order were denied. This ruling marks a significant development in the ongoing legal battles faced by the Reliance ADA Group.
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