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Bombay High Court Clears Gautam and Rajesh Adani in ₹388 Crore Market Violation Case

The court overturned a 2019 sessions court decision, ending a decade-long legal battle over alleged financial misconduct linked to the Ketan Parekh stock market scandal.

Billionaire Gautam Adani attends the 51st Gems and Jewellery Awards in Jaipur, India, November 30, 2024.
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HC quashes ₹388 crore fraud case against Adanis after 13 years

Overview

  • The Bombay High Court discharged Gautam Adani and Rajesh Adani from allegations of market regulation violations involving ₹388 crore.
  • The case originated from a 2012 Serious Fraud Investigation Office (SFIO) probe into alleged unlawful financial transactions tied to the 1999 Ketan Parekh stock market scandal.
  • A 2014 magistrate court decision to discharge the Adanis was overturned by a sessions court in 2019, which claimed a prima facie case of unlawful gain had been established.
  • The Adanis challenged the sessions court ruling in the Bombay High Court, calling it arbitrary and illegal, leading to a stay on the decision since December 2019.
  • Monday's ruling by Justice R. N. Laddha quashed the sessions court order, bringing the legal proceedings against the Adanis to a close; a detailed judgment is awaited.