Relief for Adani group: US court permanently dismisses criminal case; bizman reacts

The criminal securities fraud case against Adani Group chairman Gautam Adani and his nephew Sagar Adani has been permanently dismissed by a US federal judge, bringing to an end nearly two years of prosecution without the matter going to trial.US District Judge Nicholas Garaufis of the Eastern District of New York approved the Justice Department's motion under Rule 48(a), dismissing Counts Two, Three and Four of the indictment with prejudice. These counts related to securities fraud conspiracy, wire fraud conspiracy and securities fraud, and cannot now be brought again.The court, however, deferred a decision on Count One, which relates to alleged violations of the Foreign Corrupt Practices Act, and Count Five, concerning obstruction of justice, insofar as they apply to defendants who have not appeared before the court.