The Bombay High Court has upheld the State Bank of India’s decision to classify Reliance Communications and its Chairman, Anil Ambani, as “fraud” accounts. A division bench of Justices Revati Mohite-Dere and Dr. Neela Gokhale dismissed Ambani’s challenge to SBI’s June 13, 2025 order, which was issued under the RBI’s Master Directions on Fraud Risk Management and the bank’s internal policies.
Ambani had argued that the classification violated principles of natural justice, citing lack of a prior hearing and delayed access to relevant materials. The Court, however, affirmed SBI’s regulatory authority and discretion in such matters.
SBI was represented by Saraf and Partners, with Founder and Managing Partner Mohit Saraf leading the team alongside Sudeshna Guha Roy and Abhiraj Arora.
A detailed order is awaited.