SBI tagging Reliance Communications as ‘fraudulent’ violates RBI rules, says Anil Ambani’s lawyer

Industrialist Anil Ambani’s lawyers have written to State Bank of India protesting against classification of loan accounts of bankrupt Reliance Communications as fraudulent, saying the move violated RBI guidelines as well as court directions.

In the July 2 letter, the counsel said the SBI’s order was shocking and has been passed ex-parte, and in violation of the principles of natural justice.