Former Directors Cannot Challenge Company’s Fraud Classification as Unreasoned When Bank Provides Audit-Based Reasons: Bombay High Court
The Bombay High Court has recently dismissed a writ petition filed by two former directors of a company challenging the decision of Axis Bank to classify their company’s account as “fraud”. The Court’s decision was pronounced on August 6, 2026, by a Division Bench comprising Justice Firdosh P. Pooniwalla and Justice B. P. Colabawalla. The petitioners argued that the bank’s order was unreasoned and violated principles of natural justice. However,…
