HC asks SBI to maintain status quo on accounts of Anil Ambani's firms RCom, Reliance Telecom, Infratel

Justice Prateek Jalan passed the order on a plea by erstwhile directors of the three companies challenging a 2016 circular of the Reserve Bank of India (RBI) regarding declaration of accounts as fraud by banks. According to the plea, the circular allows banks to declare an account as fraud without giving any prior notice or communication to the account holder against the principles of natural justice.

from Banking/Finance-Industry-Economic Times https://ift.tt/38iveN9