Mumbai: The Bombay High Court has upheld the State Bank of India’s decision to classify the loan accounts of industrialist Anil Ambani and Reliance Communications as “fraud,” ruling that the bank’s action was legally sound and well-reasoned, according to an order copy made available by the court on Tuesday.

A division bench of Justices Revati Mohite Dere and Neela Gokhale, on October 3, dismissed Ambani’s petition challenging the SBI order. The detailed judgment, made available on Tuesday, stated that the June 13 order by the public sector lender carried no legal infirmities and therefore did not warrant interference.

Ambani had argued that the order was invalid as he was neither granted a personal hearing nor provided with all relevant documents.

The court, however, rejected this cont

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