India, Oct. 4 -- The Bombay High Court on Friday dismissed a plea filed by industrialist Anil Ambani seeking to quash the State Bank of India's (SBI's) order classifying the loan account of his now defunct company, Reliance Communications (RCom), as "fraud".

While pronouncing the order, a division bench of justices Revati Mohite-Dere and Dr Neela Gokhale said that Ambani's plea lacked merit. A detailed copy of the judgement was not available at the time of going to press.

A spokesperson for Ambani said, "We are awaiting the order. Once we have reviewed it, we will evaluate the next course of action, as legally advised."

SBI had classified RCom's loan accounts as fraudulent in June last year, alleging misappropriation of funds through t...