Bombay High Court Clears Gautam Adani and Rajesh Adani in Market Regulation Case

MUMBAI:
The Bombay High Court on Monday discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case involving alleged violations of market regulations worth Rs388 crore.

The case dates back to 2012, when the Serious Fraud Investigation Office (SFIO) filed a chargesheet against Adani Enterprises Limited (AEL) and its promoters, accusing them of criminal conspiracy and cheating. However, after years of legal battles, the High Court has now ruled in favor of the industrialists.

A single bench of Justice R.N. Laddha quashed a 2019 sessions court order that had refused to discharge the Adanis from the case. A detailed judgment is expected to be released soon.

Legal timeline of the case

• 2012: The SFIO initiated an investigation and filed charges against 12 individuals, including Gautam Adani and Rajesh Adani, citing alleged financial irregularities and unlawful gains.
• May 2014: A Mumbai magistrate’s court discharged the Adanis, ruling that there was insufficient evidence against them.
• November 2019: The sessions court overturned the discharge order, stating that the SFIO had presented a case of financial misconduct.
• December 2019: The Bombay High Court stayed the sessions court order, providing temporary relief to the Adanis.
• March 2024: The High Court has now ruled in favor of the Adani Group leaders, finally closing the case against them.

In their legal petition, Gautam Adani and Rajesh Adani had described the sessions court ruling as “arbitrary and illegal,” arguing that there was no substantial evidence of wrongdoing.

With the High Court’s decision, the legal battle that had spanned over a decade has ended in favor of the Adani Group, clearing its top executives of all charges.