Bombay HC clears Gautam and Rajesh Adani in Rs 388 cr market violation case
Mumbai: The Bombay High Court on Monday discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case involving alleged market regulation violations amounting to nearly ₹388 crore, The Economic Times reported.
The case, filed in 2012 by the Serious Fraud Investigation Office (SFIO), accused Adani Enterprises Limited (AEL) and its promoters of criminal conspiracy and cheating.
In 2019, Gautam and Rajesh Adani petitioned the Bombay HC to quash a sessions court ruling that had declined to discharge them from the case.
Justice R N Laddha’s bench overturned the sessions court's order on Monday, effectively exonerating the Adanis.
The SFIO had initially charged 12 individuals, including the Adanis, in 2012. A magistrate’s court in Mumbai had discharged them in May 2014, but the SFIO challenged this decision.
In November 2019, a sessions court reinstated the charges, arguing that the SFIO had presented a case of alleged unlawful gains by the Adani Group.
The Adanis later contested this ruling in the High Court, calling it "arbitrary and illegal."
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