Anil Ambani denies 'fraud' allegations after Bank of India's move

Anil Ambani’s spokesperson, in a statement, said the action by Bank of India pertains to the matter dating back over 10 years, according to disclosures and records available in the public domain.  

“It is pertinent to note that Anil D Ambani served only as a non-executive director on the Board of RCom and resigned from this position in 2019, over six years ago.  

He had no role whatsoever in the day-to-day operations or decision-making of the company. However, Ambani is being selectively singled out.” 

 “Bank of India has classified RCom’s account without following the principles of natural justice. While a show-cause notice was issued to Ambani, the requisite documents were not furnished to him. Bank of India further deprived him of the opportunity of a personal hearing in the matter.  These actions are contrary to the RBI regulations issued in July 2024, as well as to well-established law and the judgments of the Hon’ble Supreme Court and the Hon’ble Bombay High Court.” 

 

The statement added, “Bank of India, after issuing a show-cause notice to 13 directors and key managerial personnel (KMPs) of RCom, unilaterally withdrew the same against all others…It is a matter of record that RCom had a lender consortium comprising 14 banks. Astonishingly, after an inordinate lapse of more than 10 years, select lenders have now chosen to initiate proceedings in a staggered and selective manner.  

At present, RCom is being managed under the supervision of a committee of creditors, led by SBI and overseen by a resolution professional.  

The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon’ble Supreme Court, for the past six years.   

Anil D Ambani categorically denies all allegations and charges and shall pursue remedies available to him in accordance with legal advice.