On Monday, the High Court of Bombay 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) & its promoters Gautam Adani & Rajesh Adani, & filed a chargesheet that accused them of criminal conspiracy & 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 & 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 & 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 & 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 & 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 & illegal".
The case involved allegations of market regulation violations amounting to nearly Rs 388 crore.
The case stemmed from concerns over regulatory compliance & financial transactions flagged during an investigation by the SFIO.
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