Bombay HC stays banks’ action against Anil Ambani, Reliance Communications; says RBI directions violated

The Bombay High Court has stayed actions by three banks to declare Anil Ambani and Reliance Communications' accounts as 'fraud'. The court ruled that the forensic audit report used was invalid as it lacked a qualified chartered accountant's signature, violating RBI Master Directions. This decision prevents drastic consequences for Ambani and his company.