Adani Group Chairman Gautam Adani and managing director Rajesh Adani got a big relief from Bombay High Court on Monday. The High Court has acquitted the case of alleged violation of a market regulation of about Rs 388 crore. The Serious Fraud Investigation Office (SFIO) launched a case against Adani Enterprises Limited (AEL) and his promoter Gautam Adani, Rajesh Adani in 2012 and accused him of criminal conspiracy and fraud. Also filed a charge sheet.
In the year 2019, both industrialists approached the High Court. He filed a petition demanding the cancellation of the order of the same year's session court. The sessions court refused to free the case. The single bench of the High Court of Justice RN Laddha canceled the order of the sessions court on Monday and freed both of them from the case.
In December 2019, the High Court stayed the order of the sessions court and it was extended from time to time. In 2012, the SFIO filed a charge sheet alleging criminal conspiracy and fraud against 12 people including Adani, but a Mumbai magistrate court acquitted him in May 2014. SFIO challenged the order to acquit.
In November 2019, the sessions court rejected the order of the magistrate and said that the SFIO had made a case of illegal profit by the Adani Group. In their petition in the High Court, industrialists described the order of the session court as "arbitrary and illegal". The case included allegations of market regulation violation of about Rs 388 crore. The matter was stemmed by concerns on regulatory compliance and financial transactions during the investigation by SFIO.
