Gautam Adani Expresses Gratitude as Supreme Court Upholds SEBI Probe in Adani-Hindenburg Case

In the aftermath of the Supreme Court's recent verdict, Gautam Adani took to Twitter to declare, "Satyameva Jayate," affirming that truth has prevailed. The Adani Group chairman expressed his gratitude to those who supported the conglomerate, emphasizing their commitment to India's growth story.

The Supreme Court, comprising CJI DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Misra, dismissed the demand for a Special Investigation Team (SIT) probe into allegations against the Adani Group. Instead, the court upheld the Securities and Exchange Board of India (SEBI) probe, emphasizing that relying solely on newspaper reports and third-party organizations does not instill confidence. The court acknowledged these as inputs but stressed that they do not constitute conclusive evidence.

Addressing the issue of transferring the case from SEBI to SIT, the Supreme Court highlighted that SEBI had already completed investigations in 20 out of 22 cases. Ordering SEBI to conclude its probes within three months, the court emphasized that there is no basis to claim SEBI's lackadaisical approach.

The government and SEBI will thoroughly investigate the allegations against the Adani Group, the court stated. It affirmed that no valid grounds had been raised to direct SEBI to revoke its amendments on Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirements (LODR).

Responding to the verdict, Congress MP Manish Tewari raised concerns about the timeline of the investigation, stating that the Hindenburg report surfaced a year ago. Tewari criticized SEBI's perceived delay in addressing the allegations and questioned its approach in handling such sensitive matters. The Congress MP emphasized that the Parliamentary Standing Committee of Finance had repeatedly raised these concerns.

Stay tuned for further updates on this significant legal development.