Delhi High Court on Thursday acquitted underworld don Babloo Srivastava and his close aide Nitin Gunwant Shah, a Mumbai based businessman, in the Lalit Suneja murder case.

In July last year, a Delhi Court had sentenced Babloo and Shah to life imprisonment for killing Suneja, a Delhi-based businessman, in 1992.

Babloo is presently launched in Tihar jail while Shah is out on bail.

Reversing the trial court judgment, a division bench comprising Justice R S Sodhi and Justice P K Bhasin acquitted Babloo and Shah saying that 'there was nothing on record to establish that two of them had any link in the murder case.'

Terming the trial court judgment as 'erroneous,' the bench said the trial judge had passed the order basing on assumptions that Babloo and Shah are guilty for the murder of Suneja.

Rejecting the testimony of prosecution witness Hanuman Dan, the court said, "The testimony of PW 15 (Dan) could not be relied upon as he has no knowledge about the meeting held between Babloo and Suneja."

The court also ordered that Babloo be released if there was no case pending against him.