The Bombay High Court 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.
Adani Group Chairman Gautam Adani (Photo: ANI)
The Bombay High Court 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.
In 2019, the Serious Fraud Investigation Office (SFIO) initiated a case against Adani Enterprises Limited (AEL) and its promoters Gautam Adani and Rajesh Adani, and filed a charge sheet that accused them of criminal conspiracy and cheating.
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The High Court’s ruling came after the Adanis and AEL challenged the sessions court’s decision in 2019 seeking to quash a sessions court order of the same year refusing to discharge them from the case.
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Their appeals were argued by senior advocates Amit Desai and Vikram Nankani, who maintained that there was no basis to continue proceedings against them.
Notably in May 2014, a magistrate’s court in Mumbai discharged them from the case in May 2014. The SFIO challenged the discharge order.
The case alleged that AEL and the Adanis had manipulated share prices in collaboration with stockbroker Ketan Parekh, a key figure in India’s largest stock market scandal of 1999-2000.
The High Court had questioned the SFIO in February 2023, about its delay in pursuing the case, noting there had been no hearing since February 10, 2022, when the interim stay was extended.
It had asked whether the lack of action was due to the “scenario outside”.
Adani Group was also under scrutiny after US-based firm Hindenburg Research released a report accusing the conglomerate of brazen stock manipulation and accounting fraud schemes over decades.
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