"Why Now, Because Of The Scenario Outside?": Bombay High Court Asks SFIO Seeking Hearing In Case Against Adani After A Year

The Bombay High Court on Wednesday casually asked the Serious Fraud Investigation Office if it had sought circulation of a case involving Adani Enterprises (AEL), its Chairman Gautam Adani and Managing Director Rajesh Adani because of the "scenario outside.""Why is the matter circulated now? Because of the present scenario outside?," Justice RG Avchat asked SFIO in a lighter vein, referring to the controversy following the Hidenburg report against Adani.The court was seized with AEL and Gautam Adani's appeal to quash a Sessions Court's order from 2019, refusing to discharge them from a case of alleged violations of market regulations amounting to nearly Rs 388 crore.In December 2019, the High Court had stayed the order till the next date, i.e., January 13, 2020. According to the last available order on the High Court website from December 2021, interim relief was extended till February 2022. On Wednesday, Senior Advocate Amit Desai appeared for Adani and informed the court they were unaware the matter was likely to be circulated by SFIO. He therefore sought for the matter to be fixed for final hearing on a particular date. With the consent of advocate Aayush Kedia and Desai the matter has now been fixed for final hearing on April 18, 2023. Kedia was holding the brief for Advocate Hiten Venegavkar, who appears for SFIO in the case. BackgroundIn 2012, the SFIO filed a chargesheet against twelve accused including the Adanis for allegedly providing funds and shares to Ketan Parekh for running illegal activities in the capital. They were accused of cheating and criminal conspiracy. A Magistrate however, discharged them from the case in May 2014. Subsequently, a Sessions Court on November 27, 2019 set aside the Magistrate's order on an appeal by SFIO. The Sessions Court observed that prima facie SFIO made out a case of “unlawful gain” by the Adani Group promoters and Parekh of about Rs 388 crore and Rs 151 crore, respectively. In their challenge before the Bombay High Court, Adanis claimed that the Sessions Court order was “arbitrary and illegal”.“Except for bald and general allegations of criminal conspiracy, there is no offence of cheating disclosed against the petitioners, and the allegations are groundless,” the plea states. Moreover, the Adanis didn't buy or sell its own shares as contemplated under the Companies Act, they claimed. “Hence, there is no question of them cheating anyone, much less being a party to the conspiracy to cheat,” the plea states.

"Why Now, Because Of The Scenario Outside?": Bombay High Court Asks SFIO Seeking Hearing In Case Against Adani After A Year

Sharmeen Hakim

This is a premium content
Available exclusively to
Our subscribers

INR 1099+GST

Tags

Sharmeen Hakim

"Why Now, Because Of The Scenario Outside?": Bombay High Court Asks SFIO Seeking Hearing In Case Against Adani After A Year

Sharmeen Hakim

This is a premium content Available exclusively to Our subscribers

INR 1099+GST

Tags

Sharmeen Hakim

This is a premium content
Available exclusively to
Our subscribers