Gautam Adani, Chairman of Adani Enterprises, and its Managing Director Rajesh Adani, the Bombay High Court has set aside the sessions court order that had refused to discharge them in an alleged Rs 388 crore market regulations violation case.

Justice Rajesh Ladhha, a single-judge of the Bombay High Court, quashed the November 2019 order of the sessions court, which had earlier held that the Serious Fraud Investigation Office (SFIO) had established a case against the Adanis regarding alleged violations of market regulations.

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"A detailed copy of the order is yet to be made available," the court noted.

Gautam Adani and Rajesh Adani had challenged the sessions court order in December 2019, seeking relief from the High Court. The order of the sessions court had been stayed in the same month, and interim relief was granted repeatedly until March 12, when Justice Ladhha reserved the verdict.

The controversy dates back to 2012 when the SFIO had lodged a case against Adani Enterprises and multiple individuals, including Gautam and Rajesh Adani. The SFIO’s chargesheet, filed against 12 persons, alleged that the industrialist and his brother were involved in a criminal conspiracy and cheating.

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However, a Magistrate's court in Mumbai had ruled that the evidence presented by SFIO was insufficient to establish a strong case against the Adanis. Consequently, the court discharged them from the case.

In 2014, the SFIO challenged this decision before a sessions court, which overturned the Magistrate’s ruling in November 2019, stating that the Adani Group had derived unlawful gains. The sessions court, in its order, opined that the SFIO had built a strong case against the Adanis.

Challenging this ruling, Adani Enterprises moved the Bombay High Court, arguing that the sessions court order was "arbitrary and illegal."

After reviewing the matter, the High Court ruled in favor of Gautam Adani and Rajesh Adani, bringing an end to their legal battle in this case.