‘Anil Ready To Discuss, Settle With Banks’ New Delhi: Supreme Court Thursday dismissed three appeals filed by beleaguered industrialist Anil Ambani and Reliance Communications (RCom) for stay of proceedings related to ‘fraud tagging’ of their bank accounts following a forensic review of debts and alleged diversion and siphoning of loans by ADAG group to the tune of Rs 30,000 crore.For 45-minutes, senior advocates Kapil Sibal, Shyam Divan and Narender Hooda laboured hard before a bench of CJI Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi to drive home the point that the financial audit of the accounts, as per RBI circular, can only be carried out by a qualified chartered accountant, a mandate which was violated by appointment of forensic auditor in BDO India LLP, which is not a CA.The declaration of an account as fraud carries enormous civil and criminal consequences and hence the rule must be strictly adhered to, they argued. “It is a case of diversion and siphoning of thousands of crores of rupees from the bank loans. We do not want to express any opinion except saying that the decision of a division bench of the Bombay HC does not warrant any interference,” the CJI-led bench said.Appearing for a consortium of banks, including Bank of Baroda, Indian Overseas Bank and IDBI, solicitor general Tushar Mehta said the forensic auditor is an expert in the field and carries high reputation in India and abroad. The bench said, “The division bench has considered in detail the inappropriateness of single judge bench granting stay on the ‘fraud tagging’ proceedings and found that the petitioners do not even have a prima facie case.”When Sibal said that declaring an account fraudulent would mean financial assistance cannot be availed by the person or company, the bench said, “If there is a procedural flaw in declaring your accounts fraudulent, then in the pending suit you will have the right to seek a fresh audit.”After failing to convince the bench to grant relief to Ambani and RCom, Sibal said Ambani is ready to discuss with banks and settle the outstanding amount. “The banks have settled such cases earlier. I can offer Rs 5,000-8,000 crore for settlement. Please record this in the court order,” Sibal requested.Mehta opposed even recording of Ambani’s statement on willingness to settle saying this would be used as a window to reopen the entire case and start new litigations. The bench recorded Ambani’s statement but clarified it has expressed no opinion on it.End of ArticleFollow Us On Social MediaVideos’Never Be Forgiven’: PM Modi Dares Opposition On Women Quota Bill, Priyanka Gandhi Questions Timing‘Won’t Reduce South’s Share’: Amit Shah Clarifies On Delimitation, Calls Oppn Claims ‘Misleading’Hal’s Light Utility Helicopter Explained: Specs, Altitude Edge And Why It Matters‘PM Modi Only Flag Bearer Of Feminism’: Kangana Ranaut Targets Congress Over Women Quota Bill In Lok SabhaPM Modi, French President Macron Stress Urgent Need To Restore Hormuz Safety During Phone Call’If Chanakya Were Alive…’: Priyanka Gandhi’s Swipe At Amit Shah Over Delimitation, Women QuotaNo More Russian Oil Waiver: What The US Decision Means For India’s Energy Needs Amid West Asia CrisisAustria’s Chancellor Calls India Key Partner, Pushes India-EU Trade Deal Amid Global TurmoilLok Sabha Erupts As Sawant Names Sengar, Brij Bhushan; Dubey Hits Back With Aaditya Thackeray Claim‘Not A Backdoor Exercise’: Tejasvi Surya Counters Opposition On Delimitation, Flags Representation Risks123PhotostoriesExclusive – Kiku Sharda opens up about his kids’ reaction to his female roles, Sunil Grover’s talent, and his bond with Kapil Sharma5 Japanese food rituals that could fix your eating habits instantly5 Signs of high emotional intelligence that instantly set you apart from others5 things couples do before calling it quitsWhy your heirloom Kanjeevaram saree feels so different from a modern silk shirt8 most unusual monkeys in the world: From capuchins to mandrillsStep inside Chris Gayle’s ₹20 crore lavish Jamaica mansion with private nightclub, infinity pools and unbelievable ocean views!‘Are we eating all our mangoes’: Why despite being the largest producer of mangoes, India is able to export just 1 percentGold vs lab-grown diamonds: What should you really buy this Akshaya Tritiya?Top 5 posh residential areas in Gurugram for premium living123Hot PicksIran warWipro buyback planPurple cap winnerOrange cap winnerIPL Points TablePublic holidays April 2026Bank Holidays AprilTop TrendingTCS NashikTrump-Modi callSouth Delimitation ImpactAmit ShahPriyanka GandhiUK Flea Treatment RulesAlex ManningerCody RhodesCharlie Kirk ControversyTiger Woods
New Delhi: Supreme Court Thursday dismissed three appeals filed by beleaguered industrialist Anil Ambani and Reliance Communications (RCom) for stay of proceedings related to ‘fraud tagging’ of their bank accounts following a forensic review of debts and alleged diversion and siphoning of loans by ADAG group to the tune of Rs 30,000 crore.For 45-minutes, senior advocates Kapil Sibal, Shyam Divan and Narender Hooda laboured hard before a bench of CJI Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi to drive home the point that the financial audit of the accounts, as per RBI circular, can only be carried out by a qualified chartered accountant, a mandate which was violated by appointment of forensic auditor in BDO India LLP, which is not a CA.The declaration of an account as fraud carries enormous civil and criminal consequences and hence the rule must be strictly adhered to, they argued. “It is a case of diversion and siphoning of thousands of crores of rupees from the bank loans. We do not want to express any opinion except saying that the decision of a division bench of the Bombay HC does not warrant any interference,” the CJI-led bench said.Appearing for a consortium of banks, including Bank of Baroda, Indian Overseas Bank and IDBI, solicitor general Tushar Mehta said the forensic auditor is an expert in the field and carries high reputation in India and abroad. The bench said, “The division bench has considered in detail the inappropriateness of single judge bench granting stay on the ‘fraud tagging’ proceedings and found that the petitioners do not even have a prima facie case.“When Sibal said that declaring an account fraudulent would mean financial assistance cannot be availed by the person or company, the bench said, “If there is a procedural flaw in declaring your accounts fraudulent, then in the pending suit you will have the right to seek a fresh audit.”After failing to convince the bench to grant relief to Ambani and RCom, Sibal said Ambani is ready to discuss with banks and settle the outstanding amount. “The banks have settled such cases earlier. I can offer Rs 5,000-8,000 crore for settlement. Please record this in the court order,” Sibal requested.Mehta opposed even recording of Ambani’s statement on willingness to settle saying this would be used as a window to reopen the entire case and start new litigations. The bench recorded Ambani’s statement but clarified it has expressed no opinion on it.
