High Court Dismisses Anil Ambani’s Petition
The Bombay High Court has dismissed industrialist Anil Ambani’s petition challenging State Bank of India’s (SBI) decision to declare his accounts and those of Reliance Communications fraudulent.
A bench of Justices Revati Mohite Dere and Neela Gokhale ruled that the petition is devoid of merit.
Background of the Case
Last year, SBI declared Ambani’s accounts fraudulent, alleging:
Violation of loan terms
Misappropriation of funds through transactions
Ambani filed the petition claiming:
Principles of natural justice were violated
Documents were withheld, only made available six months later
SBI’s Complaint to the CBI
Earlier this year, SBI filed a complaint with the CBI, claiming damages of ₹2,929.05 crore related to the alleged fraudulent activities.
The High Court’s dismissal clears the way for further legal proceedings regarding SBI’s complaint and potential recovery of dues.
Implications
Confirms SBI’s stance on alleged fraud in high-value corporate accounts
Could have repercussions for Reliance Communications and other entities linked to Ambani
Signals strict scrutiny on corporate banking compliance in India
