A single-judge bench of Justice RN Laddha overturned a 2019 sessions court order that had rejected their plea for discharge.
The case involved allegations of market regulation violations amounting to nearly ₹388 crore. The case stemmed from concerns over regulatory compliance and financial transactions flagged during an investigation.
The SFIO initiated its case against Adani Enterprises Limited (AEL) and its promoters, Gautam Adani and Rajesh Adani, in 2012, filing a chargesheet that accused them of criminal conspiracy and cheating.
In May 2014, a magistrate’s court in Mumbai discharged the Adanis from the case. However, the SFIO challenged this decision, leading to a sessions court in November 2019 setting aside the magistrate’s order.
Subsequently, the Adanis filed a petition in the Bombay High Court in 2019, contesting the sessions court’s decision.
Now, the Bombay High Court has overturned the session court’s decision, ruling in favour of the industrialists and dismissing their involvement in the matter.
The SFIO is a specialised fraud investigation agency under India’s Ministry of Corporate Affairs, responsible for probing complex financial crimes, corporate fraud, and violations of business regulations.
First Published: Mar 17, 2025 11:36 AM IST
