Delivering the judgment, Sessions Judge M L Tahiliyani said the prosecution had failed to prove the conspiracy charge.
The court also rejected five other charges relating to possession of weapons under Section 3 of the Arms Act.
According to the prosecution, Gulshan Kumar, the owner of T-Series, was killed because of business rivalry.
Ramesh Taurani, the alleged prime conspirator and director of Tips Cassettes, paid Rs25 lakh [Rs2.5 million] to music composer Nadeem Akhtar Saifee, who in turn passed on the amount to Dubai-based gangster Abu Salem for executing the murder, the prosecution claimed.
Gulshan Kumar was killed on August 12, 1997, outside a temple in suburban Juhu, Mumbai. At that time, Nadeem was in London on holiday with his family. Since then he has not return.
The Indian government filed an extradition case against him in a London court, which discharged him and awarded Rs7.3 crore [Rs73 million] in damages.
The Gulshan Kumar Case: The Complete Coverage
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