The Bombay High Court has acquitted Gautam Adani, Chairman of Adani Enterprises Limited (AEL), and Managing Director Rajesh Adani in a case filed by the Serious Fraud Investigation Office (SFIO). The case accused them of manipulating AEL’s share prices. The decision, reported by legal news platform Bar and Bench, overturned an earlier order by a lower court.
High Court Overrules Sessions Court Order
Justice Rajesh N Laddha dismissed the ruling of the Sessions Court, which had refused to free Gautam Adani, Rajesh Adani, and AEL from the case. The case involved allegations that Adani and AEL had committed a fraud worth ₹388 crore by violating stock market regulations.
The High Court’s verdict came after Adani and AEL challenged the Sessions Court’s decision. During the hearing, senior advocates Amit Desai and Vikram Nankani argued that there was no legal basis to continue the proceedings against them.
Case Linked to 2012 SFIO Charge Sheet
The case stemmed from a charge sheet filed by the SFIO in 2012. The agency, which operates under the Union Ministry of Corporate Affairs, alleged that AEL and Adani were involved in manipulating share prices in collaboration with stockbroker Ketan Parekh. Parekh was a central figure in India’s biggest stock market scam of 1999-2000.
Legal Battle Over the Years
In 2014, a magistrate court acquitted AEL and Adani. However, in November 2019, a Mumbai Sessions Court overturned this decision. The Sessions Court, based on a revision petition, ruled that the SFIO investigation had found Adani Group promoters had made illegal gains of ₹388.11 crore, while Ketan Parekh had earned ₹151.40 crore through share price manipulation.
Sessions Judge D E Kothalikar ruled that there were sufficient grounds to proceed with the case against Adani. However, in December 2019, the Bombay High Court stayed the Sessions Court’s order, and this stay remained in place until the final verdict was delivered.
With the latest ruling, the Bombay High Court has now fully acquitted Gautam Adani and Rajesh Adani from the case, bringing an end to the long-standing legal battle.
