In a significant ruling on Monday, the Bombay High Court discharged Gautam Adani, Chairman of Adani Group, and Rajesh Adani, Managing Director, from a case alleging market regulation violations to the tune of nearly Rs 388 crore. The accusations, dating back to 2012, were part of a chargesheet filed by the Serious Fraud Investigation Office (SFIO), which claimed the Adanis were involved in criminal conspiracy and cheating through their company, Adani Enterprises Limited (AEL).
The legal battle saw the Adanis challenging a 2019 decision by a sessions court that had denied their request to be discharged, following the upholding of the SFIO’s claims against them. The case, which initially led to their discharge by a magistrate’s court in Mumbai in May 2014, saw a renewed challenge when the SFIO disputed the magistrate’s decision, leading to the 2019 sessions court’s ruling against the Adanis.
The high court’s bench, led by Justice R N Laddha, overturned the sessions court’s order on Monday, ruling in favor of the Adanis and marking an end to the prolonged legal struggle. The judgment underscored the court’s assessment that the previous ruling was “arbitrary and illegal,” offering the Adani brothers significant relief from the decade-long allegations and potential repercussions on their business operations.
