Overview
- The Bombay High Court on October 3 dismissed Ambani’s plea, holding that SBI’s decision did not warrant interference.
- The petition has been filed in the Supreme Court, which is yet to list the matter for hearing.
- SBI designated Ambani’s personal account and Reliance Communications’ account as fraudulent last year over alleged diversion of funds contrary to loan terms.
- After SBI’s complaint, the CBI searched premises linked to Reliance Communications as well as Ambani’s residence.
- The CBI cites an SBI-reported loss of Rs 2,929.05 crore and has filed chargesheets in related fraud cases involving the Ambani group and Yes Bank.