The Supreme Court has declined to interfere with a Bombay High Court Division Bench ruling that lifted a stay on fraud proceedings against industrialist Anil Ambani. A bench headed by Chief Justice Surya Kant refused to intervene, allowing the Division Bench decision to stand. That Division Bench had set aside an earlier Single Judge order from December last year, which had stayed the fraud proceedings. The Supreme Court's non-intervention effectively clears the path for those proceedings to resume. The case centers on fraud allegations against Ambani, though the specific charges and investigating agency are not detailed in available information. The ruling is significant for creditors and investors tracking the legal exposure of the Anil Dhirubhai Ambani Group. The immediate consequence is that the stay on fraud proceedings is no longer in effect. How quickly proceedings advance, and before which forum, will be the next material development to monitor.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
