SBI and Anil Ambani
Anil Ambani has suffered a setback from the Bombay High Court. On Friday, the petition of industrialist Anil Ambani challenged the decision of State Bank of India. State Bank has classified the accounts of him and Reliance Communications as fraudulent accounts, against which Ambani filed a petition in the court.
A division bench of Justice Revathi Mohite Dera and Neela Gokhale said that there is no concrete basis in the petition. A detailed copy of the verdict has not been available yet. SBI had marked these accounts as fraud last year. The bank alleged that money was rigged by violating the terms of the loan given by him. Ambani filed a petition in the High Court claiming that the bank did not follow the principles of natural justice, as he was not given a proper hearing opportunity. He also said that documents based on the classification order were not provided initially and were given after six months. In response, SBI had filed a complaint with the Central Bureau of Investigation (CBI) this year.
After this, the CBI searched the premises related to Reliance Communications and Ambani. According to the CBI, SBI claimed a loss of Rs 2,929.05 crore due to alleged disturbances from Reliance Communications and Anil Ambani, on the basis of which a complaint was filed. The case has questioned the financial credibility of Ambani and Reliance Communications.
This decision of the court has shocked Ambani's legal battle, and the matter can now be checked deeply under the purview of investigating agencies. This decision can also affect Ambani's business interests, as this classification of fraud can make their financial condition more complicated.
