The Supreme Court on Wednesday directed the Securities and Exchange Board of India (SEBI) to complete its probe into two pending cases that sprouted from the Adani Hindenburg row within three months.
Gautam Adani. File Pic
The Supreme Court on Wednesday directed the Securities and Exchange Board of India (SEBI) to complete its probe into two pending cases that sprouted from the Adani Hindenburg row within three months. The cases are related to allegations against businessman Gautam Adani's group of companies made by New York short-seller Hindenburg.
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According to the report, holding that the Supreme Court cannot regulate SEBI's power of investigation, the bench headed by Chief Justice of India DY Chandrachud noted that the regulatory body has completed its probe in 22 of 24 cases relating to allegations of market manipulation levelled by Hindenburg against Adani group.
The PTI report further stated the top court also said that the facts of the case do not warrant transferring the probe into the matter to a Special Investigation Team (SIT) of another probe agency.
Reportedly, the court gave its verdict after hearing a batch of petitions on the Adani Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.
The PTI report stated that CJI Chandrachud while pronouncing the verdict, noted that the power of the top court to enter the regulatory domain of SEBI was limited.
Reportedly, the judgement on Public Interest Litigations filed by lawyers Vishal Tiwari, ML Sharma, Congress leader Jaya Thakur and Anamika Jaiswal was reserved on November 24, 2023.
Earlier in 2023, the American short seller in their research report made a litany of allegations against the Adani Group. It accused the business conglomerate of share-price manipulation, fraudulent transactions, etc. In spite of Adani Group refuting the charges terming them as lies and saying that it complies with all laws and disclosure requirements, their stocks continued to be bludgeoned.
Adani reacts
Meanwhile, reacting to the Supreme Court verdict, billionaire Gautam Adani said that truth has prevailed.
The Hon'ble Supreme Court's judgement shows that:
— Gautam Adani (@gautam_adani) January 3, 2024
Truth has prevailed.
Satyameva Jayate.
I am grateful to those who stood by us.
Our humble contribution to India's growth story will continue.
Jai Hind.
He in a post on X (formerly Twitter) wrote, "The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind."
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