Winning Bizness Desk

Mumbai.The Bombay High Court on Monday acquitted Adani Enterprises Limited (AEL) Chairman Gautam Adani and Managing Director Rajesh Adani in a case filed by the Serious Fraud Investigation Office (SFIO). The case alleged that they manipulated AEL’s share prices. According to a report by *Bar & Bench*, the court dismissed all charges against them.

Sessions Court's Order Overturned

Justice Rajesh N. Ladda overturned a previous order by the sessions court, which had refused to discharge Gautam Adani, Rajesh Adani, and AEL from the long-pending case. The allegations against them included violating market regulations and committing fraud worth ₹388 crore.

Adani and AEL Challenged Sessions Court's Decision

The High Court ruling came after Adani and AEL challenged the sessions court’s decision. Senior advocates Amit Desai and Vikram Nankani argued on their behalf, stating that there was no legal basis to continue the proceedings against them.

Case Linked to 2012 SFIO Chargesheet

The case was linked to an SFIO chargesheet filed in 2012, which accused AEL and Adani of collaborating with stockbroker Ketan Parekh to manipulate share prices. Ketan Parekh was a key figure in India’s biggest stock market scam of 1999-2000. SFIO operates under the Ministry of Corporate Affairs.

Previous Court Rulings and Stay on Proceedings

In 2014, a magistrate court had discharged AEL and Adani from the case. However, in November 2019, a Mumbai sessions court reversed the decision, citing SFIO’s findings that AEL shares were manipulated to generate illegal gains of ₹388.11 crore for Adani Group promoters and ₹151.40 crore for Ketan Parekh. The High Court intervened in December 2019, placing a stay on the sessions court's order, which was extended multiple times until the final verdict was delivered.