Anil Ambani: From World’s 6th Richest to ‘Fraud’ Label by State Bank

Industrialist Anil Ambani's lawyers have written to State Bank of India protesting against classification of loan accounts of bankrupt Reliance Communications as fraudulent, saying the move violated RBI guidelines as

- Press Trust Of India

well as court directions.

In the July 2 letter, the counsel said the SBI's order was shocking and has been passed ex-parte, and in violation of the principles of natural justice.

SBI's order is in direct contravention of various judgments of the Supreme Court and the Bombay High Court, as well as RBI guidelines, the counsel said.

RCom in a filing to stock exchanges on Wednesday said that SBI is classifying its loan account as fraudulent, citing alleged diversion of funds in a case dating back to 2016.