The Bombay High Court on Monday discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a case involving alleged violations of market regulations worth nearly Rs 388 crore.

The case was initially filed by the Serious Fraud Investigation Office (SFIO) in 2012, accusing Adani Enterprises Limited (AEL) and its promoters of criminal conspiracy and cheating. The SFIO’s chargesheet named 12 individuals, including the Adanis.

Legal battle spanning over a decade

In 2014, a Mumbai magistrate’s court discharged Gautam Adani and Rajesh Adani from the case. However, the SFIO challenged the decision, leading to a sessions court ruling in 2019 that reinstated the case. The sessions court had observed that the SFIO had made a case of unlawful gain against the Adani Group.

Following this, the Adanis petitioned the Bombay High Court, arguing that the sessions court order was "arbitrary and illegal."

On Monday, Justice RN Laddha of the Bombay High Court quashed the sessions court order and fully discharged Gautam and Rajesh Adani from the case.

Background and implications

The case originated from an SFIO probe into regulatory compliance and financial transactions, which flagged concerns over alleged market violations totaling ₹388 crore.

In December 2019, the Bombay High Court stayed the sessions court's ruling, granting temporary relief to the Adani executives. This stay was extended multiple times before the final ruling on Monday.