Adanis get HC relief in 1999 stock fraud case

Bombay High Court quashes SFIO probe linked to Ketan Parekh scandal

- Krishna Yadav

The Bombay high court on Monday cleared Gautam Adani and Rajesh Adani, the chairman and managing director of the Adani Group, respectively, in the ₹388-crore case linked to the 1999 Ketan Parekh stock market scandal that was being investigated by the Serious Fraud Investigation Office (SFIO).

A single-judge bench of Justice R.N. Laddha set aside the 2019 sessions court ruling that had overturned an earlier discharge order. The court found that the complaint failed to establish Adani Enterprises' direct involvement in the alleged stock price manipulation, citing a lack of public complaints. Additionally, it ruled that the SFIO lacked jurisdiction to investigate the matter.