Anil Ambani writes to the Finance Minister, seeking Sandesara-kind one-time settlement and free from all cases

Ambani argues cooperation with courts and insolvency process merits a structured resolution and case closure

March 24, 2026

Anil Ambani cites the Sandesara precedent, seeks relief from debt, and cases

Debt-sunken industrialist Anil Ambani sought a Sandesara-kind haircut package and cancellation of all cases from Finance Minister Nirmala Sitharaman. According to Anil Ambani’s supplementary counter-affidavit filed with the Supreme Court on Monday, he had written to the Finance Minister on March 19. He also marked the letter’s copy to the SBI and Bank of Baroda heads.

“The precedent set by the Supreme Court itself in the Sterling Biotech/ Sandesara matter — where the court approved a full and final settlement for a family of declared fugitive economic offenders who had fled India, closing all FIRs and CBI proceedings, withdrawing Interpol Red Corner Notices, releasing attached properties, and absolving the liability of seven individuals and seven companies, upon a one-time settlement of Rs.5,100 crore.

“I have not been declared a fugitive. To the contrary, I have given an undertaking to this Hon’ble Court that I will not leave the country without its permission,” argued Anil Ambani, seeking a Sandesara-kind package.

Anil Ambani said that if a structured resolution was achievable for individuals outside India’s jurisdiction who had been declared fugitives, it is both pragmatically and legally possible in his case, where he has remained in India, cooperated with courts, and actively supported insolvency proceedings. He describes himself as “the first and only promoter in India to actively support the CIRP process” for Reliance Capital.

Anil Ambani said the Supreme Court cancelling telecom license had collapsed his telecom business, like Videocon and Aircel. The collapse of IL&FS froze the liquidity of many finance companies, including Reliance Capital, which was once a top-end AAA credit rating until October 2018; it defaulted only in October 2019 as a direct consequence of the IL&FS-triggered liquidity mismatch, argued the industrialist, narrating his companies’ crisis.

The Reliance Group has also been under CBI and Enforcement Directorate scrutiny for nearly ten months, resulting in the provisional attachment of over Rs.15,000 crore in group assets — described as the largest single attachment in the Enforcement Directorate’s history. The document states this has resulted in a loss of over Rs.25,000 crore in market value, directly affecting over 50 lakh small retail shareholders, said in the affidavit, citing the letter to Finance Minister Sitharaman and heads of SBI and Bank of Baroda.

On Monday, appearing for Anil Ambani, Advocate Mukul Rohatgi said that due to the Public Interest Litigation filed by former Government Secretary ESA Sarma, represented by Prashant Bhushan, no bankers are taking him to court, though he wanted to have a negotiation to settle the dues.

In November 2025, the bench headed by Justices J K Maheswari and Vijay Bishnoi approved the proposal given to the government in a sealed cover to give a one-time settlement of the Sandesara Group. As per the settlement, all criminal cases against fugitives Nitin and Chetan Sandesaras will be withdrawn, and the attached properties will be returned by ED. The OTS allowed was for Rs.5,100 crore, while the Group was facing bank dues of more than Rs.19,000 crore. ED has attached their Rs.13,000 crore worth assets, and they were facing cases for bribery, perjury, and creation of a fake Albanian passport to flee the country along with their family.[1]

Reference:

[1] The Great Sandesara OTS Escape – Nov 29, 2025, J Gopikrishnan

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