The Supreme Court of India on Thursday dismissed pleas filed by industrialist Anil Ambani challenging a Bombay High Court order that allowed banks to continue proceedings to classify his and Reliance Communications accounts as fraudulent.
A bench headed by Chief Justice Surya Kant, along with Justices Joymalya Bagchi and Vipul M Pancholi, permitted Ambani to pursue his challenge before a single-judge bench of the high court against the show-cause notices issued by banks. The Apex Court also requested the single bench to decide the matter expeditiously.
The order came while hearing three separate pleas filed by Ambani against a February 23 ruling of the high court’s division bench, which had set aside an earlier interim order by a single judge that had stayed the fraud classification proceedings against Ambani and his company.
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The division bench ruling had allowed appeals filed by three public sector banks—Indian Overseas Bank, IDBI Bank, and Bank of Baroda—as well as audit firm BDO India LLP, against the December 2025 interim relief granted earlier.
The single-judge bench had previously stayed all present and future action by the banks, observing that their move was based on a legally flawed forensic audit and violated mandatory guidelines issued by the Reserve Bank of India.
Ambani had approached the single bench to challenge show-cause notices issued by the banks seeking to classify his and Reliance Communications’ accounts as fraud.
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