Bombay HC discharges Gautam Adani and Rajesh Adani in alleged Rs 388 cr market regulation violation case

The Bombay High Court on Monday discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case involving alleged market regulation violations worth nearly Rs 388 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.

In 2019, Gautam and Rajesh Adani approached the Bombay HC seeking to quash a sessions court order that had refused to discharge them from the case.


On Monday, Justice R N Laddha's bench quashed the sessions court's order, effectively clearing the Adanis.

In 2012, the SFIO had charged 12 individuals, including the Adanis. A magistrate's court in Mumbai discharged the duo in May 2014, but the SFIO challenged that decision. In November 2019, a sessions court set aside the magistrate's order, stating the SFIO had presented a case of alleged unlawful gain by the Adani Group.

The Adanis later challenged this ruling in the HC, calling it "arbitrary and illegal."

With inputs from PTI