(Image source from: Indianexpress.com)

Businessman Anil Ambani decided on Tuesday to take back his request for help against the current actions started by IDBI Bank regarding a loan of Rs 750 crore given to Reliance Communications Ltd (RCom). The request, which Ambani filed with the help of lawyers Ankit Lohia and Ameet Naik, aimed to stop the bank from having a personal meeting until he received all necessary information. The application argued that moving forward with the hearing without full details would unfairly harm the petitioner. Lawyers Zarir Bharucha, Dhwani Gala, and Rishi Thakur, representing IDBI Bank, contested the request, saying it was not suitable. Bharucha informed the court that the bank had already provided the forensic audit report, which was the reason for taking action under the RBI’s guidelines on Fraud Risk Management in Commercial Banks, along with all attachments.

He also mentioned that Ambani had been offered several chances for a personal meeting but had not taken them. He said the next meeting with the bank’s fraud examination committee is planned for October 30, 2025, and emphasized that the process was being carried out strictly following RBI guidelines. After listening to both parties, the vacation bench led by Justice Sandesh D Patil showed a reluctance to give any temporary relief. Following this, Lohia, acting on Ambani’s behalf, informed the court that the request would be withdrawn and that his client would attend the bank's meeting "under protest." Lohia also requested permission for Ambani to discuss all the points raised in the petition with the bank and to seek another appropriate place to appeal if the results were not in his favor. Bharucha did not argue against this request. The court then dismissed the writ petition as withdrawn, granting the requested permission. Since the matter was taken back, the bench did not provide any opinions on the case's merits.

IDBI Bank had sent a notice to Ambani under the RBI’s guidelines on Fraud Risk Management in Commercial Banks. These guidelines allow banks to label a company and its directors as “fraud” if it is discovered that funds were wrongly used or redirected. The actions are related to loans given to Reliance Communications Ltd, which went bankrupt after failing to meet its debt payments.