Anil Ambani’s lawyers have responded to the allegations of fraud by the State Bank of India. A statement by Ambani’s lawyer says that SBI’s statement comes after a year of the bank not responding to the last communication by Ambani.
The statement claims that Ambani repeatedly requested copies of all documents from the State Bank upon receiving the show cause notices; however, the bank has provided an incomplete forensic audit report. Further, the statement says that the bank has failed to provide the underlying documents, which are the basis of the forensic audit report.
“The bank has also failed to provide our client with an opportunity of personal hearing in this matter to make his submissions to the bank’s committee before the committee can take any decisions, “ the statement by Anil Ambani’s lawyers stated.
Not responsible!
Ambani’s statement said that he was not the whole time director but a non-executive director of the Reliance Communications board. The statement said that he was not responsible for the day-to-day operations of the company, which was the responsibility of the key managerial personnel of the company.
The statement has asked the State Bank to provide all the related documents in the matter and provide an opportunity for a personal hearing to represent his case. Further, it added that a copy of the statement has been forwarded to the Reserve Bank to inform about the failure on the bank’s part.
What did SBI say?
Earlier today, the State Bank of India alleged that Reliance Communications’ management and promoters carried out various transactions through the manipulation of the books of account to misappropriate funds.
In its report, the State Bank said that Reliance Communications used a single amount to mark off many entries. The bank stated that in its response, the company’s management gave contradictory statements on these transactions.
“These transactions do not appear genuine or conducted in the normal course of business. The transaction appears to be an attempt at diversion of funds by manipulation of books of accounts through fictitious accounts/fictitious entries.” SBI claimed in its report.