Ahmedabad: The dismissal of charges against Adani Group Chairman Gautam Adani by a US court has effectively brought the matter to a close and removed any legal impediment to his business activities globally, according to legal experts on Tuesday, who described the development as significant for both the businessman and investor sentiment.
Senior advocate Raian Karanjawala, Managing Partner of Karanjawala & Co, said the legal proceedings against Gautam Adani have been completely closed and cannot be revived on the same set of facts.
”So, the impact of this case is essentially that this case, as far as Gautam Adani is concerned, is closed totally. It cannot be again revived against him, and he is now free to do business in any country in the world, including America, without impediment, and there is no case pending against him at all,” he stated.
”When I gave you the interview a few weeks ago, I told you that in my view, the DOJ case will get permission to withdraw the case against Gautam Adani. And the judge will grant permission. Ultimately, what has happened is that the judge has granted permission. The case against Gautam Adani is withdrawn. The case against Gautam Adani is now closed. And on these facts, this case can never be revived,” Karanjawala stated.
Echoing a similar view, senior advocate and Supreme Court Bar Association President Vikas Singh said an important aspect of the court’s order was its observation that the government should ideally have consulted investigating agencies or the prosecution wing before seeking closure of the case.
“I think this order is very, very significant, and it is a game changer according to my understanding because this is a withdrawal by the Department of Justice after they have realised that this prosecution should never have been launched in the past,” he added.
Senior advocate Vikas Pahwa described the order as highly significant for a conglomerate with a global footprint.
Market analyst Arun Kejriwal said the case had little impact on the group’s operations in India, noting that infrastructure projects and business expansion continued during the period when the legal proceedings were underway in the US.
“I believe it’s a great victory for Gautam Adani,” Kejriwal said, adding that the absence of any judicial findings against the businessman effectively amounts to a clean slate from the perspective of market participants.
(IANS)
