Overview

• The Bombay High Court discharged Gautam and Rajesh Adani from all charges in a ₹388 crore case linked to alleged stock market violations.
• The court cited insufficient evidence of deception or wrongful loss, key elements required to prove cheating under the Indian Penal Code.
• The Serious Fraud Investigation Office (SFIO) alleged that the Adani Group gained ₹388 crore unlawfully through transactions involving entities linked to stockbroker Ketan Parekh.
• The court ruled that the SFIO lacked the jurisdiction to prosecute stock market-related offences under the Indian Penal Code, further undermining the case.
• This decision concludes a 13-year legal battle that included multiple court rulings and appeals, marking a significant legal victory for the Adani Group.