The Serious Frauds Investigation Office (SFIO) has sought a final hearing on a case involving a stock manipulation scandal dating back to 1999 in which Adani Enterprises chairman Gautam Adani and his brother Rajesh Adani were implicated.

The case has curious parallels to the charge that US short seller Hindenburg Research made in its January 24 report where the Adani group once again stands accused of using dubious methods to pump up the shares of several listed companies which propelled Gautam Adani to the top echelons of global wealth rankings last year.

When the case came up before Justice R.G. Avachat of the Bombay High Court, the judge wondered whether the old case was being raked up for final hearing because of the “scenario outside” — a reference to the snowballing crisis after the Hindenburg Report which sparked an over $100 billion meltdown in the aggregate market valuation of the 10 Adani group stocks.

The plea for a final hearing in the case arose from a petition filed by Adani Enterprises in 2019 seeking to quash a sessions court order issued that year which refused to discharge the group flagship, chief Gautam Adani and Rajesh Adani from the case involving market irregularities that have been quantified at nearly Rs 388 crore.

Later, in December 2019, the sessions court order was stayed by the high court.

This stay order has been extended from time to time till February 2022.

Last week, the SFIO, which comes under the ministry of corporate affairs, sought an urgent hearing in the matter which was listed before Justice R.G. Avachat on Wednesday. The bench has now posted the plea for final hearing on April 18.

During the proceedings, senior counsel Amit Desai, appearing for the Adanis, informed the High Court that they were unaware that SFIO had sought circulation of the matter. It was then that Justice Avachat joked why a final hearing on the matter was being sought now. “Why is the matter circulated now? Because of the present scenario outside,” he asked.

In 2012, the SFIO had filed a chargesheet against 12 persons, including the Adanis, accusing them of criminal conspiracy and cheating. However, a magistrate’s court in Mumbai discharged them from the case in May 2014.

The SFIO challenged the discharge order. A sessions court in November 2019 set aside the magistrate’s order and noted that the SFIO had made out a case of “unlawful gain” by the Adani Group.

Adani Enterprises, in its plea before the High Court, termed the sessions court order as “arbitrary and illegal”.