Supreme Court Upholds Fraud Proceedings Against Anil Ambani's Reliance Communications
New Delhi: On Thursday, the Supreme Court rejected the appeals made by industrialist Anil Ambani, which contested a ruling from the Bombay High Court. This ruling allowed banks to proceed with actions to classify the bank accounts of Ambani and Reliance Communications Ltd as fraudulent.
A bench comprising Chief Justice Surya Kant, along with Justices Joymalya Bagchi and Vipul M Pancholi, has granted Ambani the opportunity to challenge the banks' show cause notices before a single judge of the high court regarding the fraud classification.
The bench urged the single judge to expedite the resolution of Ambani's challenge against the notices issued by three banks.
This decision came during the hearing of three separate petitions filed by Ambani, who was contesting a February 23 ruling from a division bench of the high court.
The division bench had overturned an interim order from a single judge that had halted the proceedings against Ambani and Reliance Communications Ltd concerning the fraud classification of their bank accounts.