SC refuses SIT probe against Adani group

Supreme Court delivered its verdict on a batch of petitions on the Adani-Hindenburg row. File Pic

In a relief to the Adani Group, the Supreme Court on Wednesday refused to transfer the probe into the allegations of stock price manipulation by the Indian corporate giant to a special investigation team and directed market regulator SEBI to complete its probe into two pending cases within three months.

Holding that the court must refrain from substituting its own wisdom over the regulatory policies of the Securities and Exchange Board of India (SEBI), a bench headed by Chief Justice D Y Chandrachud said the facts of the case do not warrant a transfer of investigation from the SEBI.

The apex court noted that SEBI has completed 22 out of the 24 investigations into the allegations levelled against the Adani Group.

"Noting the assurance given by the Solicitor General on behalf of SEBI, we direct SEBI to complete the two pending investigations expeditiously, preferably within three months," the bench, also comprising Justices J B Pardiwala and Manoj Misra, said.

It also rejected the reliance placed by one of the petitioners on the Organised Crime and Corruption Reporting Project (OCCRP) report to suggest that SEBI was lackadaisical in conducting the investigation.

"A report by a third party organisation without any attempt to verify the authenticity of its allegations cannot be regarded as conclusive proof," the bench said.

The top court delivered its verdict on a batch of petitions on the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.

Adani group stocks in heavy demand

Shares of Adani group of companies jumped in morning trade on Wednesday, defying a weak trend in the broader equity market, after the Supreme Court ruling that there was no ground to order an investigation by a SIT or other probe agency into allegations against the group. The Supreme Court on Wednesday said capital market regulator SEBI must conclude its probe within three months. Adani Energy Solutions zoomed 17.83 per cent, NDTV jumped 11.39 per cent, Adani Total Gas, climbed 9.99 per cent, Adani Green Energy soared 9.13 per cent and Adani Enterprises surged 9.11 per cent on the BSE. Shares of Adani Wilmar went up by 8.52 per cent, Adani Ports climbed 6 per cent, Adani Power (4.99 per cent), Ambuja Cements (3.46 per cent) and ACC 2.96 per cent.

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