SC rejects pleas of Anil Ambani challenging Bombay HC order on declaration of accounts as fraud

NEW DELHI: (Apr 16) Observing that crores of public monies had been siphoned off, the Supreme Court on Thursday dismissed industrialist Anil Ambani's three separate pleas, challenging the Bombay High Court order that allowed the proceedings, initiated by banks against him and Reliance Communications Ltd to classify their bank accounts as fraud, to continue.

A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi permitted Ambani to pursue his plea before the high court's single judge bench against the banks' show cause notices to declare the accounts as fraud.

"Hard-earned public money to the tune of thousands of crores has been siphoned. Did you make good losses to banks and financial institutions," the bench said.