High Court Clears Adani Enterprises of Fraud Charges

The Bombay High Court has discharged Adani Enterprises Ltd and its top executives from allegations of market regulation violations worth Rs 388 crore. The court determined that the accusations lacked the essential elements of cheating and criminal conspiracy, leading to the case being dismissed.

The Bombay High Court has acquitted Adani Enterprises Ltd's Chairman Gautam Adani and Managing Director Rajesh Adani from accusations of breaching market regulations involving Rs 388 crore. The court found no substantial evidence supporting claims of cheating or conspiracy.

This case, initiated by the Serious Fraud Investigation Office (SFIO) in 2012, accused the Adanis of criminal conspiracy and deception via stock market manipulation. However, the court's evaluation revealed an absence of crucial elements constituting the supposed fraud.

Efforts by the SFIO to stay the verdict were dismissed, with no complaints from the public against the Adanis substantiating the cheating charges. The Bombay High Court recognized these allegations as baseless, leading to a complete discharge for Adani Enterprises and its leaders.

(With inputs from agencies.)