Saraf and Partners Successfully Represented SBI as Bombay High Court Upholds Fraud Classification of Reliance Communications and Anil Ambani

Saraf and Partners successfully represented the State Bank of India (SBI) in a landmark decision, with the Bombay High Court on Friday refusing to quash the bank’s order classifying the loan account of Reliance Communications and its Chairman, Anil Ambani, as “fraud.” The order was pronounced by a division bench comprising Justices Revati Mohite-Dere and Dr. Neela Gokhale.

The classification, made on June 13, 2025, was issued under the Reserve Bank of India’s Master Directions on Fraud Risk Management and SBI’s internal policies. Mr. Ambani had challenged the action, alleging non-compliance with principles of natural justice, including not being granted an opportunity of hearing prior to the classification and delayed provision of certain material relevant to the decision.

The High Court upheld SBI’s action, reinforcing the bank’s authority and discretion to classify accounts under the regulatory framework. A detailed copy of the order is awaited.

The Saraf and Partners team representing SBI comprised Founder and Managing Partner, Mohit Saraf (Founder and Managing Partner), Sudeshna Guha Roy (Partner) and Abhiraj Arora (Partner).