India, Jan. 2 -- The Bombay High Court has stayed an order issued by the UCO Bank in May 2024, which classified former independent director at Reliance Communications Ltd (RCom) Manjari Ashok Kacker as a "fraudulent borrower". The bank had failed to specify any individual role to Kacker and did not provide her with the necessary documents to prepare an appropriate reply to the allegations leveled against her, the court ruled on December 24, while staying the bank order.

Kacker was appointed non-executive director on the RCom board in 2014; she became an independent director in September 2018, and resigned from the board on November 15, 2019. Meanwhile, on May 15, 2018, RCom was admitted into the Corporate Insolvency Resolution Process (C...