Bombay high court: Anil Ambani liable as his company’s account tagged fraud

Bombay High Court upheld SBI’s decision to declare Reliance Communications’ loan account as fraud, holding promoters like Anil Ambani liable for company actions. The court dismissed Ambani’s challenge, stating promoters in control are automatically subject to penal measures and debarred from raising funds. Ambani’s petition was deemed to have no merit.