In EAS Sarma v. Union of India & Ors., W.P.(C) No. 1217 of 2025, the Hon’ble Supreme Court of India, while monitoring investigations into alleged financial irregularities involving companies of the Anil Dhirubhai Ambani Group, noted from a report of the Enforcement Directorate that claims amounting to approximately ₹2,983 crores were settled in insolvency proceedings for a sum of about ₹26 crores.
The matter arises out of a writ petition seeking a court-monitored investigation into alleged large-scale financial fraud involving group companies. The Hon’ble Court has been considering status reports filed by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) in relation to the ongoing investigation.
During the course of hearing, the Hon’ble Bench took note of the ED’s affidavit indicating that investigations have been initiated in multiple cases and that a Special Investigation Team has been constituted comprising senior officers, along with forensic experts and officials from financial institutions.
The Hon’ble Court further noted the reference in the report to “Project Help”, under which insolvency proceedings are stated to have been initiated through certain non-banking financial companies, facilitating acquisition of stressed assets. On an illustrative basis, it was observed that claims of approximately ₹2,983 crores were extinguished for a settlement amount of about ₹26 crores.
It was also brought on record that investigations in several cases are ongoing, documents have been seized, and properties have been attached. The Solicitor General submitted that efforts are being made to complete the investigation in a time-bound manner.
The Hon’ble Court, while refraining from expressing any opinion on the merits of the allegations, observed that it is imperative that the investigation be conducted in a fair, transparent, independent, and time-bound manner. The Court emphasised that the investigation must inspire confidence of all stakeholders.
The Hon’ble Court further directed all concerned agencies, financial institutions, and persons to extend full cooperation to the Enforcement Directorate and to make available necessary information, and observed that any reluctance or delay shall be reported to the Court.
Accordingly, the matter continues to be monitored by the Hon’ble Supreme Court.
