The Bombay High Court on Monday discharged Adani Group Chairman Gautam Adani and Managing Director Rajesh Adani from a decade-old case alleging market regulation violations worth Rs 388 crore. Justice R.N. Laddha’s single bench ruling overturned a 2019 sessions court order that had refused to dismiss charges of criminal conspiracy and cheating leveled by the Serious Fraud Investigation Office (SFIO) against the Adani Enterprises Limited (AEL) promoters.

The case traces back to 2012 when the SFIO filed a chargesheet against 12 individuals, including the Adanis, accusing them of orchestrating unlawful financial gains. Though a magistrate’s court discharged them in 2014, the SFIO appealed, and in November 2019, a sessions court revived the case, citing evidence of wrongdoing. The Adanis challenged this in the High Court, labeling the order “arbitrary and illegal.” After a stay in December 2019, periodically extended, the HC’s Monday verdict quashed the sessions court’s stance, freeing the industrialists from prosecution. The detailed order is awaited.

The allegations stemmed from an SFIO probe into regulatory compliance and financial transactions, spotlighting nearly Rs 388 crore in purported violations. The Adanis’ legal team argued the charges lacked substance, a view now upheld by the HC. This ruling marks a significant reprieve for the Adani Group, which has faced intense scrutiny in recent years, including fallout from a 2023 Hindenburg Research report. For Gautam and Rajesh Adani, the discharge closes a 13-year legal battle, reinforcing their stance against claims of financial misconduct as they steer one of India’s largest conglomerates.