The Bombay High Court on Monday acquitted Adani Enterprises Limited (AEL) Chairman Gautam Adani and Managing Director Rajesh Adani in a Serious Fraud Investigation Office (SFIO) case. In this case, Gautam and Rajesh were accused of manipulating the share prices of AEL. Bar and Bench has given this information in the report. Justice Rajesh N Laddha dismissed the order of the Sessions Court, which refused to free Gautam, Rajesh and AEL from the long-running case. In this case, Gautam Adani and Rajesh Adani were accused of committing a fraud of Rs 388 crore by violating market regulations. Adani and AEL had challenged the decision of the Sessions Court. This decision of the High Court came when Adani and AEL challenged the decision of the Sessions Court. On their appeal, senior advocates Amit Desai and Vikram Nankani argued that there was no basis to continue the proceedings against them. The case is related to the 2012 chargesheet filed by the SFIO The case is related to the 2012 chargesheet filed by the SFIO. The chargesheet alleged that AEL and Adani had manipulated share prices in connivance with stockbroker Ketan Parekh. Ketan Parekh was a key figure in India’s biggest stock market scam of 1999-2000. SFIO is an agency under the Union Ministry of Corporate Affairs. AEL-Adani were acquitted in 2014 AEL and Adani were acquitted by a magistrate court in 2014. However, in November 2019, a Mumbai sessions court overturned the decision. The Sessions Court had given its verdict on the revision petition that the SFIO’s investigation found that by manipulating the AEL shares, the Adani Group promoters had made an illegal profit of Rs 388.11 crore and Ketan Parekh had made an illegal profit of Rs 151.40 crore. In 2019, the High Court had stayed the order of the Sessions Court. Sessions Judge D E Kothalikar had then accepted that there were sufficient grounds to proceed with the case against Adani. After this, in December 2019, the High Court had stayed the order of the Sessions Court and the stay was repeatedly extended till the final decision was taken.
