Reliance Group Chairman and Managing Director Anil Ambani has formally made a formal statement on recent incidents regarding the alleged bank fraud case of Rs 2,929 crore. His spokesperson said that the search at Anil Ambani’s residence ended by Saturday afternoon. The complaint filed by SBI is associated with the time that is more than 10 years old. At that time Anil Ambani was the non-executive director of the company and had no participation in the company’s daily management.
The spokesperson said that SBI had already withdrawn action against five other non-executive directors, yet Anil Ambani has been selected. Currently, Reliance Communication (RCOM) is managed under the supervision of the SBI’s creditor committee and a resolution professional. The case has been under consideration in the NCLT and other judicial forums including the Supreme Court for the last six years.
Anil Ambani has challenged SBI’s decision in the competent judicial forum. The spokesperson clarified that Ambani completely denied all the allegations and allegations and is fully prepared for his defense.
The Central Bureau of Investigation (CBI) had registered a criminal case against Reliance Communication Limited, its director Anil Ambani, unknown government officials and others after a SBI complaint. The case is related to alleged bank fraud, which has been stated to be Rs 2,929.05 crore. The FIR, which was recorded on August 21, alleged that the parties conspired to mislead SBI and get credit facilities in favor of RCom.
Last week, Anil Ambani’s legal representative said that SBI’s action does not follow the principles of natural justice established by the Supreme Court. According to him, SBI’s unilateral action is contrary to law and principles of justice and notices against five other non-executive directors have already been withdrawn, while Anil Ambani was not given any personal hearing opportunity.
The case has come to light at a time when Canara Bank has removed the classification of ‘fraud’ against Reliance Communication and Anil Ambani. Canara Bank is a member of a group of creditors of RCom. The bank withdrew this classification unconditionally in the Bombay High Court on 10 July.
The step strengthens the legal and financial situation in favor of Anil Ambani, while the case is still subject to the judicial process.