India, Oct. 4 -- The Bombay High Court on Friday dismissed a petition filed by industrialist Anil Ambani challenging the State Bank of India's (SBI) decision classifying his and Reliance Communications' accounts as fraud. A bench of Justices Revati Mohite Dere and Neela Gokhale said there was no merit in the plea.
The SBI had classified the accounts as fraud, alleging misappropriation of funds by entering into transactions that violated the terms of loans extended by it. Recently Bank of India and Bank of Baroda also classified these accounts as fraud.
Anil Ambani moved the HC, arguing that the bank had not followed the principles of natural justice as it did not grant him a hearing. Certain documents, based on which the classification or...