Bombay High Court clears Gautam Adani and Rajesh Adani in SFIO case

The Bombay High Court recently cleared Gautam Adani, the Chairman of Adani Enterprises Limited (AEL), and Rajesh Adani, the Managing Director of AEL, of allegations brought against them by the Serious Fraud Investigation Office (SFIO). The SFIO had accused the Adanis of engaging in stock manipulation and financial misconduct totaling Rs 388 crore.

The case originated from a government inquiry into Triumph Security Ltd, a company suspected of market manipulation. The SFIO alleged that the Adanis were involved in violating market regulations in connection with Triumph Security Ltd. However, the High Court ruled that there was insufficient evidence to support claims of cheating or criminal conspiracy against the Adanis and AEL.

A single-judge bench presided over by Justice Rajesh N Laddha overturned a previous decision by a sessions court that had declined to dismiss the case against the Adanis and AEL. The High Court’s decision came in response to appeals filed by the Adanis and AEL challenging the sessions court ruling.

Back in 2019, the High Court had halted the implementation of the sessions court’s judgment, pending the resolution of the case. This temporary stay remained in effect throughout the legal proceedings.

Overall, the Bombay High Court ultimately absolved Gautam Adani, Rajesh Adani, and Adani Enterprises Limited from any wrongdoing in the SFIO case. The court’s decision represents a significant victory for the Adani group, bringing an end to a lengthy legal battle that has hung over the company for some time.