Mumbai: In a relief for Adani Group chairman Gautam Adani and managing director Rajesh Adani, the Bombay High Court on Monday discharged them in a case of alleged violations of market regulations amounting to nearly Rs 388 crore observing that no case of cheating or criminal conspiracy was made out.

In 2012, the Serious Fraud Investigation Office (SFIO) initiated a case against Adani Enterprises Limited (AEL) and its promoters, Gautam Adani and Rajesh Adani. It filed a chargesheet accusing them of criminal conspiracy and cheating.

Later, in 2019, Gautam Adani and Rajesh Adani approached the High Court, seeking to quash a sessions court order from the same year that refused to discharge them from the case. In December 2019, the High Court granted an interim stay until January 13, 2020, which was subsequently extended from time to time.

Justice RN Laddha discharged the two industrialists saying that after evaluating the submissions and the records it is “evident that the complaint fails to satisfy the essential ingredients of the offence of cheating”. The judge said that when the offence of cheating itself is not made out then even the charge of criminal conspiracy becomes unsustainable.

In a detailed order, the HC said: “A fundamental requirement for an offence under section 420 of the IPC (cheating) is the presence of an element of deception, which leads to the victim suffering from loss while the accused gains wrongfully.” It added that in the present case, there is a “conspicuous absence” of any such allegations from an affected party, it added.

“Merely by asserting that the accused has made a wrong gain without demonstrating the corresponding wrongful loss or deception suffered by a specific victim does not suffice to attract the offence of cheating,” the court underlined.

The court turned down SFIO’s request to stay the order to allow them the approach the Supreme Court.

The SFIO had filed a chargesheet in 2012 against 12 accused, including the Adani’s, for allegedly providing funds and shares to Ketan Parekh to facilitate illegal activities in the capital market. They were accused of cheating and criminal conspiracy. However, a local magistrate discharged them from the case in May 2014.

Following an appeal by the SFIO, the sessions court, on November 27, 2019, set aside the magistrate’s order. The sessions court observed that the SFIO had prima facie established a case of “unlawful gain” by the Adani Group promoters and Parekh, amounting to approximately Rs388 crore and Rs151 crore, respectively.

The Adani’s approached the High Court against this order, claiming that the sessions court’s decision was “arbitrary and illegal.” Their plea contended that “except for bald and general allegations of criminal conspiracy, no offence of cheating is disclosed against the petitioners, and the allegations are groundless.”

The case involved allegations of market regulation violations amounting to nearly Rs 388 crore. It stemmed from concerns over regulatory compliance and financial transactions flagged during an investigation.

Mumbai: Samajwadi Party MLA from Bhiwandi East Rais Shaikh on Thursday wrote a letter to the Assembly Secretariat demanding that two private bills on love jihad and forced conversions introduced by BJP MLAs be rejected. MLA Shaikh alleged that the government’s intention to bring a law on the issue of Love Jihad was clear, but the ruling MLA had to bring a private bill because there was doubt over the government’s intention.

In a letter to the Assembly Secretariat, MLA Shaikh said that the government had constituted a 7-member committee headed by the state Director General of Police in February, which will study the legal provisions and draft a law to prevent conversion through force or fraud. The committee includes senior officials from key departments including Women and Child Welfare, Minority Affairs, Law and Justice, Social Justice and Special Assistance, and Home.

Although the government has set up a committee to study the legal framework, last week two MLAs from the ruling BJP introduced private bills on the issue of forced conversions. MLA Rais Shaikh said, “It seems that these bills have been brought to politicise the alleged issue of love jihad and create animosity between the two communities.”

Sheikh said that when a committee is constituted to study such a sensitive issue, members of the Assembly are expected to present their concerns and suggestions before the committee. “However, the two main objectives behind the private bills introduced by the BJP MLAs are only to distort and gain publicity,” alleged MLA Rais Shaikh. While the government has already announced its intention to enact a law against forced religious conversion, the introduction of private bills by ruling party MLAs shows a lack of confidence in the intentions of their own government. MLA Rais Shaikh wrote a letter to the Legislative Secretariat requesting the rejection of both the private bills.

Mumbai: Responding to opposition questions in the Maharashtra Legislative Assembly in Mumbai, Deputy Chief Minister and Finance Minister Ajit Pawar said that efforts are being made to overwhelm me with speeches. I am poor, that’s why I am sitting here.

Ajit Pawar said in a sarcastic tone that now you have to decide whether Maharashtra has developed or lagged behind in the last five years. We also say that in the last five years the state is moving towards development, there has been more development in the last two years. People have given love and trust to the Mahayuti government. Even if Brahmadev comes, the government will not fall for five years. He said that Nana Patole had proposed to both the deputy ministers that if they join the Maha Vikas Aghadi, he would make them the Chief Minister.

He said that you were also in power for the last five years, but the state did not develop. It is my nature to say good things, good things. He said that Vijay Varditiwar was also with me, but now he has become the leader of the opposition. Where did your promise go? Many members have asked in their speeches. He said that I am unable to do things like making statues and insulting the general public, so I express my views through poetry. I do not make promises that I cannot fulfill. I do not talk more than my status. I yearn to touch the sky. But he has no intention of demeaning others.

Ajit Pawar said in his speech that in this budget session, the media has talked about closing many schemes of last year. He said that some schemes are started according to the circumstances and a limit is set for every scheme and after that it has to be closed. Mahayoti will not stop important government and popular schemes at any cost. He said that many schemes were started during Corona, but now it is necessary to close them after Corona is over.

Many times schemes are started by the central government in the interest of the state government. Should the state government’s schemes be stopped due to this? This is not done because it does not affect the state treasury. That is why we do not stop any scheme even after the central government’s schemes. Therefore, I request with folded hands that no false information should be spread. Ajit Pawar said that the Ladli Behan scheme will not be stopped.