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.

New Delhi, March 17: Leading automaker Maruti Suzuki India Ltd on Monday announced its third price hike this year — up to 4 per cent which is effective from April — to offset rising input costs amid moderating sales.

The price increase on the vehicles from next month will vary depending on the model, according to an exchange filing by the company.

“In light of rising input costs and operational expenses, the company has planned to increase the prices of its cars from April, 2025. The price increase is expected to be up to 4 per cent and will vary depending on the model,” said Maruti Suzuki India.

“While the company continuously strives to optimise costs and minimise the impact on its customers, some portion of the increased cost may need to be passed on to the market,” it added in the filing.

The company had previously raised car prices on January 1 and February 1.

The leading car manufacturer clocked a 16 per cent increase in net profit to Rs 3,727 crore for the October-December quarter of the current financial year, compared to the corresponding figure of Rs 3,206.8 crore in the same quarter last year.

On a standalone basis, the company’s net profit rose 13 per cent year-on-year to Rs 3,525 crore from Rs 3,130 crore in the same quarter last year.

Meanwhile, the Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, last month announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

Maruti Suzuki is currently exporting three lakh vehicles from India annually.

By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

Mumbai: The Economic Offences Wing (EOW) of the Mumbai Police continues to uncover shocking details in the ₹122 crore scam at New India Cooperative Bank. The latest investigation has revealed that the main accused, Hitesh Mehta, illegally disbursed bank funds as high-interest loans to depositors during the Covid-19 period in 2020.

According to EOW sources, many small traders suffered severe financial losses during the pandemic and were in urgent need of funds. Exploiting their vulnerability, Mehta provided them loans worth crores at exorbitant interest rates, bypassing legal banking procedures.

The EOW is now investigating the exact number of traders who received these unauthorized loans and the total amount disbursed. A senior EOW official stated that Mehta, a commerce graduate, joined the bank in 1987 and was later promoted to General Manager and Chief Accountant in 2002. He was set to retire in October this year, but his massive fraud was exposed beforehand.

Sources reveal that an EOW team will soon visit the Reserve Bank of India (RBI) to meet with senior officials. The purpose of the meeting is to understand why the RBI conducted a sudden inspection at the bank on February 12 and what triggered the surprise audit.

Additionally, EOW officials will seek a detailed report from the RBI and question why no action was taken earlier, despite financial irregularities occurring since 2019. The investigation is ongoing, and further revelations are expected in the coming days.