Reliance Home Fin resolution may be delayed as auditors split on fraud call

Clean chit by SBI-appointed forensic auditor, fraud call by Bank of Baroda's party

In a bizarre turn of events, the forensic audit conducted for State Bank of India (SBI) on Reliance Home Finance by audit firm M K Aggarwal and Co has given the Anil Ambani firm a clean chit, however, another forensic report by Grant Thornton prepared for Bank of Baroda for the same account has classified the company as fraud. 

Though the Delhi High Court (HC) has stayed classifying the account as fraud until next hearing, this turn of events will impact the debt resolution of Reliance Home Finance, said bankers.

According to the HC filings, Bank of Baroda has an exposure of