Tanvi Sinha
In a petition raised last week on December 28th 2020 by Punit Garg, representing the Anil-Ambani led Reliance Communications, in the Delhi High Court arguing against the declaration of their accounts as fraudulent by the Union Bank of India (respondent) and other such respondents like the Indian Overseas Bank, the Delhi High Court with its vacation bench of Justice Subramonium Prasad had stated to the banks to maintain status quo on their declaration.
This decision has now on 6th January 2021 once again been told by the Delhi High Court and the directive has this gone towards other banks such as the State Bank of India and the Reserve Bank of India.
According to the court, the banks have all rights they require to have to take any steps or investigate any files on any complaint proceedings against the petitioners.
While the Supreme Court had earlier in September 2020, in SBI’s appeal against the Delhi HC order the government plans on making things only tougher for the younger Ambani brother.
Also read: https://lawinsider.in/why-indian-banks-have-declared-anil-ambanis-three-companies-fraudulent/