Rejects Plea - Business Outrank

The Bombay High Court denied Anil Ambani's appeal to stop State Bank of India from labeling his accounts along with Reliance Communications as fraudulent stock activities. The court judges Revati Mohite Dere and Neela Gokhale dismissed Ambani's defense because SBI used proper reasons to classify his accounts based on financial mismanagement and loan agreement violations. The bank accused Ambani and Reliance Communications of using their loans for unauthorized transactions that violated all loan conditions. Ambani maintained that the stock fraud classification was unjust because he received insufficient notice and essential documents arrived after an extended period. The court maintained SBI's classification of the accounts despite Ambani's defense. The Central Bureau of Investigation executed searches at both Reliance Communications facilities and Anil Ambani's home following SBI's complaint. The bank asserts that stock fraud activities resulted in a total loss of ₹2,929.05 crore. The court decision creates significant problems for Ambani because it strengthens financial oversight of his business activities while extending his current legal challenges.

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