Mumbai, Oct. 3 -- The Bombay High Court today refused to quash and set aside the order passed by the State Bank of India (SBI), which had classified the loan account of Reliance Communications and its chairman, Anil Ambani, as 'fraud'.
The classification was made on June 13, 2025, under the Reserve Bank of India's Master Directions on Fraud Risk Management and SBI's internal policies.
Ambani had challenged the move, arguing that the bank had not followed principles of natural justice. He claimed that he was not allowed to be heard before the account was flagged as fraudulent.
Published by HT Digital Content Services with permission from United News of India....