The Bombay High Court has dealt a significant blow to industrialist Anil Ambani, quashing a previous interim order that had halted fraud classification proceedings against him and Reliance Communications.

The Bombay High Court has dealt a significant blow to industrialist Anil Ambani, quashing a previous interim order that had halted fraud classification proceedings against him and Reliance Communications. A division bench ruled the single bench order as illegal and perverse, allowing appeals from three public sector banks and auditor firm BDO India. The banks had challenged the December order, arguing their forensic audit findings regarding fund siphoning and account misutilization were legally valid. Ambani's request for a stay to approach the Supreme Court was denied by the court, marking a major development in this ongoing corporate dispute involving Indian Overseas Bank, IDBI Bank, and Bank of Baroda.