Daijiworld Media Network - Ahmedabad

Ahmedabad, Aug 11: 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, legal experts said on Tuesday.

They described the development as significant for Adani as well as investor sentiment surrounding the group.

Senior advocate Raian Karanjawala, Managing Partner of Karanjawala & Co, said the legal proceedings against Gautam Adani had been completely closed and could not 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 said.

Karanjawala said he had earlier expected the US Department of Justice (DOJ) to seek withdrawal of the case and the court to grant permission.

“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 The case against Gautam Adani is withdrawn.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,” he said.

Senior advocate and Supreme Court Bar Association president Vikas Singh also described the development as significant.

He said an important aspect of the court’s order was its observation that the US 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,” Singh said.

Senior advocate Vikas Pahwa also described the order as highly significant for a conglomerate with a global footprint.

Market analyst Arun Kejriwal said the case had had little impact on the group’s operations in India, pointing out that infrastructure projects and business expansion continued while the legal proceedings were underway in the US.

“I believe it’s a great victory for Gautam Adani,” Kejriwal said.

He added that the absence of any judicial findings against the businessman effectively amounted to a clean slate from the perspective of market participants.