Bombay High Court stays fraud action against Anil Ambani, RCom

Bombay High Court stays actions by three public sector banks seeking to declare Anil Ambani and Reliance Communications’ accounts as fraud, noting that RBI’s Master Directions were violated. Ambani challenged show-cause notices, arguing that the forensic audit report by BDO LLP, which was not signed by a qualified CA, cannot be relied upon.