New Delhi: In a setback for industrialist Anil Ambani, the Bombay High Court last week upheld the State Bank of India’s (SBI) decision to classify the Reliance Communications’ (RCom) accounts as “fraud” and report his name to the Reserve Bank of India (RBI).

A bench of Justices Revati Mohite Dere and Neela Gokhale ruled on 3 October that a personal hearing was not mandatory and the SBI had provided him adequate opportunity to explain his case in line with the RBI and Supreme Court directions. Ambani claimed that the bank had failed to provide him an opportunity for a personal hearing to make his submissions.

The court said that once RCom–where Ambani was a director and promoter–was marked as “fraud”, his name could be reported to the RBI since he was “in control” of the company during

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