24
Dec
Mumbai, December 24, 2025: The Bombay High Court on Wednesday stayed all present and future actions by three public sector banks seeking to declare the accounts of industrialist Anil Ambani and Reliance Communications Ltd as “fraud,” holding that the process violated mandatory norms laid down by the Reserve Bank of India. Justice Milind Jadhav ruled that the lenders had relied on a forensic audit report prepared by external auditor BDO LLP, which could not be acted upon as it was not signed by a duly qualified chartered accountant, a requirement under the RBI’s 2024 Master Directions on fraud. The court…