The Supreme Court directed the Enforcement Directorate (ED) to constitute a Special Investigation Team (SIT) of senior officers to probe alleged banking and corporate fraud involving Anil Ambani and the Anil Dhirubhai Ambani Group (ADAG).
The bench, led by Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi, also asked the Central Bureau of Investigation (CBI) and ED to submit fresh status reports within four weeks.
The court granted Anil Ambani and ADAG four weeks to respond to a Public Interest Litigation (PIL) filed by former bureaucrat EAS Sarma. The PIL alleged systematic diversion of public funds, fabrication of financial statements, and institutional complicity across ADAG entities.
Senior lawyers Mukul Rohatgi and Shyam Divan appeared for Ambani and ADAG. Rohatgi opposed submissions seeking restrictions on Ambani’s travel, assuring the bench that Ambani would remain in India and not leave without the court’s permission. Solicitor General Tushar Mehta, representing the probe agencies, informed the court that look-out circulars had already been issued to prevent Ambani from leaving the country.
The bench noted delays in the investigation and emphasised the need for a fair, prompt, and dispassionate probe. It reiterated that the SIT must ensure accountability in examining allegations against ADAG and its promoter.
Meanwhile, Anil Ambani Group stocks gained in trade following the court proceedings. Reliance Communication rose nearly 5%, while Reliance Power and Reliance Infrastructure advanced over 2% each in intra-day trading.
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