The Bombay High Court has upheld the State Bank of India’s (SBI) order classifying the loan accounts of industrialist Anil Ambani and Reliance Communications as “fraud,” observing that the order was reasoned, in accordance with law, and free of any infirmities.

A division bench of Justices Revati Mohite Dere and Neela Gokhale, in a judgment dated October 3 (made available on Tuesday), dismissed Ambani’s petition challenging SBI’s June 13, 2025 order.

Ambani had argued that the fraud classification order was null and void because he was not granted a personal hearing and was denied relevant documents. Rejecting this contention, the bench clarified that under the Reserve Bank of India’s Master Directions on Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All

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