Mumbai: The Bombay High Court on Monday discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a long-standing case involving alleged violations of market regulations amounting to nearly Rs 388 crore.
The case, initiated by the Serious Fraud Investigation Office (SFIO) in 2012, accused Adani Enterprises Limited (AEL) and its promoters of criminal conspiracy and cheating. A chargesheet was filed against them, along with 10 others.
Legal Battle Spanning Over a Decade
In May 2014, a magistrate’s court in Mumbai discharged the Adanis from the case. However, the SFIO challenged this order, leading to a sessions court ruling in 2019 that reinstated the charges. The sessions court observed that SFIO had established a prima facie case of unlawful gain by the Adani Group.
Following this, Gautam Adani and Rajesh Adani filed a petition in the Bombay HC, challenging the sessions court’s decision and terming it “arbitrary and illegal.” The high court stayed the sessions court order in December 2019, extending the relief periodically.
HC Quashes Case, Adanis Discharged
On Monday, Justice R N Laddha of the Bombay High Court quashed the sessions court’s order and discharged both Adani Group leaders from the case. While a detailed order is awaited, the ruling marks a significant legal victory for the Adani Group.
The case originated from regulatory compliance concerns and financial transactions flagged by the SFIO. However, with the HC's ruling, the legal proceedings against Gautam Adani and Rajesh Adani have come to an end.
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