Industrialist Anil Ambani has moved the Supreme Court challenging an order of the Bombay High Court which upheld the State Bank of India’s (SBI) decision classifying his and Reliance Communications’ accounts as fraud.
The matter is yet to be listed for hearing.
The High Court had on October 3 dismissed Ambani’s plea challenging the SBI decision and said there was no merit in the plea.
The SBI had last year classified the accounts as fraud, alleging misappropriation of funds by entering into transactions that violated the terms of loans extended by it.
Ambani moved the HC, arguing that the bank had not followed the principles of natural justice as it did not grant him a hearing.
Certain documents, based on which the classification orders were passed, were not provided to him initially and were furnished only after six months, the petition claimed.
The bank this year lodged a complaint with the Central Bureau of Investigation (CBI), which searched premises linked to Reliance …​Industrialist Anil Ambani has moved the Supreme Court challenging an order of the Bombay High Court which upheld the State Bank of India’s (SBI) decision classifying his and Reliance Communications’ accounts as fraud.
The matter is yet to be listed for hearing.
The High Court had on October 3 dismissed Ambani’s plea challenging the SBI decision and said there was no merit in the plea.
The SBI had last year classified the accounts as fraud, alleging misappropriation of funds by entering into transactions that violated the terms of loans extended by it.
Ambani moved the HC, arguing that the bank had not followed the principles of natural justice as it did not grant him a hearing.
Certain documents, based on which the classification orders were passed, were not provided to him initially and were furnished only after six months, the petition claimed.
The bank this year lodged a complaint with the Central Bureau of Investigation (CBI), which searched premises linked to Reliance … ​Latest News [ SOBAN NEWS: International and National ]
