Bombay High Court discharges Gautam Adani, brother from markets fraud case

The Bombay High Court on Monday discharged industrialists Gautam Adani and his brother Rajesh Adani from a case involving Adani Enterprises about alleged violations of market regulations, reported Bar and Bench.

A single bench of Justice RN Laddha quashed a sessions court order that had set aside a magistrate’s decision to discharge the company and the Adanis from the case.

The matter involved an allegedly unlawful gain of nearly Rs 388 crore, according to PTI.

The case stemmed from concerns about the company’s regulatory compliance and financial transactions flagged during an investigation by the Serious Fraud Investigation Office.

The agency had filed the case in 2012 against Adani Enterprises Limited and its promoters Gautam Adani and Rajesh Adani. The Serious Fraud Investigation Office subsequently filed a chargesheet against 12 persons, including the Adanis. A magistrate’s court in Mumbai discharged them from the case in May 2014.

The Serious Fraud Investigation Office challenged the discharge order. A sessions court in November 2019 set aside the magistrate’s order and noted that the agency had made out a case of unlawful gain by the Adani Group.

The industrialists, in their petition before the High Court, termed the sessions court order as “arbitrary and illegal”.

Adani Enterprises had moved the High Court in 2019, following which they secured a stay order on the...

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