Bombay HC rejects Anil Ambani’s plea against SBI's fraud tag

The Bombay High Court on Friday dismissed a petition filed by industrialist Anil Ambani challenging SBI's decision to declare his and Reliance Communications' loan accounts as "fraud". Ambani moved the HC, arguing that the bank hadn't followed the principles of natural justice as it didn't grant him a hearing. The division bench said it found “no merit” in Ambani's plea.