MUMBAI: Bombay high court has said it’s evident that once a company account is declared as fraud, the promoter or directors in control of affairs would automatically be liable to penal measures, reported as fraud and debarred from raising funds or seeking credit facilities, as they were responsible for the acts or omissions of the company. The high court said so while dismissing Anil Ambani ’s challenge to an SBI order that termed Reliance Communications ’ (RCom’s) loan account as “fraud” and reported his name to Reserve Bank of India under fraud detection guidelines. SBI’s fraud tag on Anil & RCom has no infirmity: HC For Anil Ambani , senior counsel Darius Khambata said despite the fact that there were no allegations against Ambani in a show-cause notice of December 202

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