Bombay high court discharges Gautam Adani, Rajesh Adani in market violation case
The Bombay High Court on Monday granted relief to Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani by discharging them from a case related to alleged violations of market regulations amounting to nearly Rs 388 crore.
The case, initiated by the Serious Fraud Investigation Office (SFIO) in 2012, was filed against Adani Enterprises Limited (AEL) and its promoters, Gautam and Rajesh Adani. The SFIO’s chargesheet had accused them of criminal conspiracy and cheating, leading to prolonged legal proceedings.
In 2019, the two industrialists approached the Bombay High Court, challenging a sessions court ruling from the same year that had refused to discharge them from the case. They sought to have the sessions court order quashed, arguing that it was unjust and legally flawed.
On Monday, Justice R N Laddha, presiding over a single-judge bench of the High Court, overturned the sessions court’s decision and formally discharged both Gautam and Rajesh Adani from the case.
The legal battle had seen multiple developments over the years. The SFIO initially filed a chargesheet in 2012 against 12 individuals, including the Adonis, citing alleged financial irregularities and unlawful financial gains. However, a magistrate’s court in Mumbai dismissed the case against them in May 2014, effectively clearing them of wrongdoing.
Challenging this ruling, the SFIO filed an appeal, which led to the sessions court overturning the magistrate’s order in November 2019. The sessions court ruled that the SFIO had made a prima facie case of unlawful financial gains against the Adani Group and reinstated the charges.
Following this decision, Gautam and Rajesh Adani moved the High Court, contending that the session’s court order was arbitrary and unjustified. They argued that the allegations lacked substantial legal grounds and sought judicial relief.
In December 2019, the Bombay High Court issued a stay on the sessions court order, providing interim relief to the Adanis. This stay was extended multiple times until the final verdict was delivered on Monday.
Ultimately, the Bombay High Court’s ruling reaffirmed the discharge of the Adani Group executives, bringing an end to the legal proceedings against them in connection with the case. The verdict effectively clears them of any wrongdoing related to the alleged violations of market regulations.
