India, Dec. 20 -- The Delhi High Court on Friday set aside the decision of the Union Bank of India to declare as fraudulent the bank account of a company owned by industrialist Anil Ambani's son Jai Anmol Ambani.

The high court noted that no show cause notice was served to petitioner Anmol Ambani, as it was sent on an address which the company had vacated in 2020 itself.

"This court is of the view that indeed, a show cause notice was never served before making the declaration as fraud. Accordingly, in light of the judgement..., the impugned classification and declaration are quashed," Justice Jyoti Singh said. The court made clear that this order will not preclude the bank from issuing a fresh show cause notice to Anmol and proceeding i...