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‘Satyameva Jayate’, Adani Group chairman Gautam Adani on Wednesday welcomed the Supreme Court judgment in the Hindenburg row. In a post on X (formerly Twitter), the Indian billionaire said, “Truth has prevailed. I am grateful to those who stood by us.”
“Our humble contribution to India’s growth story will continue. Jai Hind,” Adani wrote on the microblogging site today.
The top court on January 3 pronounced its verdict on a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra delivered the judgment.
Also Read: Chronology of Adani Saga
While reading out the judgment, CJI DY Chandrachud rejected key demands of petitioners seeking to derail the ongoing SEBI investigation into allegations raised by Hindenburg Research.
The SC held that there is no ground to transfer the Adani Hindenberg case investigation from the Securities and Exchange Board of India (SEBI) to a Special Investigation Team (SIT).
CJI stated that SEBI has completed an investigation in 20 out of 22 matters and has directed the regulatory body to complete the probe within three months in the remaining two cases.
Also Read: Live updates on Adani-Hindenburg case verdict
The apex court ordered the Centre and SEBI to investigate whether the Hindenburg report on short selling violates any laws, and if so, to take appropriate legal action. It also told the Centre and SEBI to consider the recommendation of an expert committee to strengthen the regulatory framework.
The judgment on the PILs was reserved on November 24, 2023. The pleas claimed the allegations that the Adani Group, considered close to the Modi government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.
In March 2023, the top court directed the capital markets regulator Securities and Exchange Board of India (SEBI) to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report.
The court had also set up an expert committee comprising six members, headed by former top court judge Justice AM Sapre.
In January 2023, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens.
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Published: 03 Jan 2024, 11:41 AM IST
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