Anil Ambani Faces Setback as Bombay HC Lifts Stay, Banks Restore 'Fraud' Tag Before ED Appearance
Loading more articles...
Anil Ambani faces setback as Bombay HC lifts stay on 'fraud' tag, banks resume action
C
CNBC TV18•23-02-2026, 12:35
Anil Ambani faces setback as Bombay HC lifts stay on 'fraud' tag, banks resume action
•Bombay High Court scrapped an interim order, allowing Bank of Baroda, Indian Overseas Bank, and IDBI Bank to classify Anil Ambani as a "fraud" borrower.
•This decision comes ahead of Ambani's scheduled appearance before ED officials on February 26 for an alleged ₹40,000 crore bank fraud.
•The court had previously granted temporary relief in December 2025, staying coercive actions by banks due to compliance failures under RBI's Master Directions.
•A division bench set aside the single-judge’s order, terming it “perverse” and “illegal”, allowing banks to resume proceedings.
•Anil Ambani has committed to full cooperation with ED and CBI, assuring he will not travel abroad without court permission.