Mumbai: The Bombay High Court on Monday discharged Adani Enterprises Limited (AEL) Chairman Gautam Adani and Managing Director Rajesh Adani in a case filed by Serious Fraud Investigation Office (SFIO) concerning alleged violations of market regulations amounting to Rs 388 crore, saying 'no case of cheating or criminal conspiracy was made out'.
The Serious Fraud Investigation Office (SFIO) had accused the Adanis of stock manipulation and financial misconduct.
The case began as part of a government-led investigation into Triumph Security Ltd, a firm accused of market manipulation.
A single-judge bench of Justice Rajesh N Laddha quashed and set aside an order of the sessions court that had refused to discharge the Adanis and AEL from the case.
The High Court passed the verdict on appeals by the Adanis and AEL challenging the sessions court order.
In 2019, the High Court had stayed the sessions court order. The stay continued during the pendency of the case.