Overview
- Canara Bank withdrew its November 2024 order classifying Anil Ambani’s ₹1,050 crore Reliance Communications loan account as fraudulent.
- A Bombay High Court bench of Justices Revati Mohite Dere and Neela Gokhale disposed of Ambani’s petition once the bank announced its withdrawal.
- The court directed Canara Bank to inform the Reserve Bank of India of the withdrawal.
- Canara Bank obtained liberty from the court to re-examine the fraud classification in the future.
- Focus now turns to the State Bank of India’s June classification of the same loan account as fraudulent.