India, April 16 -- The Supreme Court on Thursday declined to entertain industrialist Anil Dhirubhai Ambani's challenge to the classification of loan accounts of Reliance Communications group companies as "fraud", underlining serious allegations of siphoning and diversion of "thousands of crores" of public money and asking him to pursue remedies before the civil court where a related suit is pending.

Ambani also told the court that he was willing to explore a settlement with the banks, a submission that the bench recorded while clarifying it had expressed no opinion on the proposal.

A bench led by Chief Justice of India Surya Kant, also comprising justices Joymalya Bagchi and Vipul M Pancholi, said it was not inclined to intervene at thi...