Any Person in Control of a Company Liable to Face Penal Action If Account Is Declared Fraudulent Ambani’s Case : Bombay High Court
The Bombay High Court has ruled that Promoters, Directors, or any person in control of a company are automatically liable to penal action under Clause 4.4 of the RBI Master Directions, 2024 when a company’s account is classified as a fraud. The ruling came while dismissing a writ petition filed by industrialist Anil Ambani, challenging the action initiated by the State Bank of India (SBI), which had declared the loan…
