Anil Ambani Withdraws Plea Against IDBI Bank's Fraud Proceedings After Bombay High Court Declines To Intervene
The Bombay High Court on Tuesday allowed industrialist Anil Ambani to withdraw his petition by which he sought a directive to the IDBI Bank against proceeding with the personal hearing in connection to a show cause notice (SCN) issued to him for declaring his loan account as "fraud."Single-judge Justice Sandesh Patil presiding over the vacation court, after hearing Ambani's counsel, expressed...
The Bombay High Court on Tuesday allowed industrialist Anil Ambani to withdraw his petition by which he sought a directive to the IDBI Bank against proceeding with the personal hearing in connection to a show cause notice (SCN) issued to him for declaring his loan account as "fraud."
Single-judge Justice Sandesh Patil presiding over the vacation court, after hearing Ambani's counsel, expressed his disinclination to allow the petition. Therefore, the counsel sought permission and was thus allowed to withdraw the petition and appear in the personal hearing "under protest."
The judge further granted Ambani the liberty to raise all his contentions before an appropriate forum, if an adverse order is passed against him in the said personal hearing.
Through his petition, Ambani had sought directions to restrain the bank from holding a personal hearing until all relevant material was furnished to him. He claimed that proceeding with the personal hearing without the relevant and complete material relied upon by the bank, would cause 'grave' prejudice him.
Opposing the plea, the bank had maintained that it had provided all the relevant material to Ambani including the forensic audit report, based on which action under the RBI's Master Directions on Fraud Risk Management was initiated against him. The bank pointed out that despite several opportunities, Ambani did not avail any of them for personal hearing and further added that the next date of the hearing is fixed for October 30.