Court Drama: Anil Ambani's Son Faces Show Cause Notice from Union Bank

The Delhi High Court refused to prevent Union Bank of India's show cause notice to Jai Anmol Ambani, concerning Reliance Home Finance Ltd's allegedly fraudulent bank account. The court asked Ambani to respond within 10 days, with proceedings hinging on future court decisions. The CBI booked Ambani and others on fraud allegations.

In a significant legal development, the Delhi High Court has declined to stop Union Bank of India's show cause notice directed at Jai Anmol Ambani, son of industrialist Anil Ambani. The notice revolves around allegations of fraudulent activities linked to Reliance Home Finance Ltd's bank account.

Justice Jasmeet Singh instructed Ambani, a director at RHFL, to present his case to the bank within 10 days. The court emphasized that any subsequent decision by the bank would be subject to the court's ruling on the matter.

The court's decision follows a CBI case against Ambani and RHFL for allegedly cheating Union Bank of India, resulting in losses of nearly Rs 228 crore. The bank's complaint cited unpaid credit availed for business needs, leading to the account's NPA classification.

(With inputs from agencies.)