Adani Brothers Cleared: High Court Discharges Gautam and Rajesh Adani in SFIO Case

The Bombay High Court has discharged Gautam Adani and Rajesh Adani from a case involving alleged market regulation violations worth Rs 388 crore. Initiated by the SFIO in 2012, the case accused the Adani Group of criminal conspiracy and cheating. The High Court quashed a sessions court decision, clearing the Adanis.

In a significant legal development, the Bombay High Court on Monday dismissed all charges against Gautam Adani, Chairman of Adani Group, and his brother Rajesh Adani. The charges related to alleged violations of market regulations involving a sum of approximately Rs 388 crore.

The Serious Fraud Investigation Office (SFIO) had initially filed the case in 2012, accusing the Adani Enterprises Limited and its pioneers of criminal conspiracy and cheating. However, the case took a turn when the High Court quashed a previous sessions court order retaining charges against the Adani brothers.

The court's dismissal ends a prolonged legal battle where the Adanis contested the order as arbitrary. With the High Court ruling, the industrialists have emerged victorious in a case closely watched by market and legal analysts alike.

(With inputs from agencies.)