Bombay HC discharges Gautam Adani, Rajesh Adani in market regulations 'violation' case

The Bombay High Court on Monday discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case of alleged violations of market regulations involving nearly Rs 388 crore.

The Serious Fraud Investigation Office (SFIO) in 2012 initiated the case against the Adani Enterprises Limited (AEL) and its promoters Gautam Adani and Rajesh Adani, and filed a chargesheet that accused them of criminal conspiracy and cheating.

In 2019, the two industrialists filed a petition in the HC, seeking to quash a sessions court order of the same year refusing to discharge them from the case.

The HC's single bench of Justice R N Laddha on Monday quashed the sessions court order and discharged the duo from the case.

A copy of the detailed order would be available later.

In December 2019, the high court stayed the sessions court order and it was extended from time-to-time.

In 2012, the SFIO filed a chargesheet against 12 persons, including the Adanis, accusing them of criminal conspiracy and cheating.

But a magistrate's court in Mumbai discharged them from the case in May 2014. The SFIO challenged the discharge order.

A sessions court in November 2019 set aside the magistrate's order and noted that the SFIO had made out a case of unlawful gain by the Adani Group.

The industrialists, in their petition in the HC, termed the sessions court order as “arbitrary and illegal”.

The case involved allegations of market regulation violations amounting to nearly Rs 388 crore.

The case stemmed from concerns over regulatory compliance and financial transactions flagged during an investigation by the SFIO.