Industrialist Anil Ambani has approached the Supreme Court of India, challenging a recent Bombay High Court order that upheld the State Bank of India’s (SBI) decision to classify his personal loan account and that of Reliance Communications (RCom) as fraud.

The Supreme Court is yet to schedule the matter for hearing.

The Bombay High Court, in its October 3 order, dismissed Ambani’s plea, holding that SBI’s decision did not warrant interference and that the petition lacked merit.

SBI had designated the accounts as fraudulent last year, alleging that funds were diverted through transactions that violated the terms of the loans extended to the company and to Ambani.

Ambani, in his petition before the High Court, argued that SBI failed to follow principles of natural justice, claiming he was not given an opportunity to present his case before the classification was made.

He further submitted that several key documents relied upon by the bank were initially withheld and were shared with him only after a delay of nearly six months.

The dispute intensified earlier this year when SBI lodged a complaint with the Central Bureau of Investigation (CBI), prompting the agency to conduct searches at premises associated with Reliance Communications as well as at Ambani’s residence.

According to the CBI, the complaint was registered after SBI reported a loss of Rs 2,929.05 crore, allegedly stemming from misappropriation of funds by RCom and Ambani.

(With inputs from PTI)