'Truth has prevailed, Satyameva Jayate': Gautam Adani after SC backs SEBI clean chit in Hindenburg case
The Supreme Court on Wednesday directed the SEBI to complete its probe into two pending cases relating to allegations against the Adani group within three months. Following the verdict, Gautam Adani took to X, formerly Twitter, to laud the apex court's judgement.
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Billionaire Gautam Adani lauded the Supreme Court's decision in the Hindenburg case on Wednesday, asserting that "Truth has prevailed." Adani's comments followed the court's endorsement of the Securities and Exchange Board of India (SEBI)'s exoneration of the Adani group in response to allegations made by the US-based short seller Hindenburg Research.
"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," Gautam Adani said in a post on X (formerly Twitter).
The Supreme Court on Wednesday issued a directive to SEBI, instructing the completion of investigations into two pending cases involving allegations against the Adani group within a three-month timeframe. The bench, led by Chief Justice D Y Chandrachud, emphasized its lack of authority to regulate SEBI's investigative powers.
Notably, SEBI has already concluded inquiries in 22 out of 24 cases related to allegations against the Adani group. The apex court further stated that the circumstances of the case do not justify transferring the investigation to a Special Investigation Team (SIT) or another investigative agency.
The highest court pronounced its decision on a series of petitions related to the Adani-Hindenburg dispute, which involved accusations of stock price manipulation by the major Indian corporate entity.
During the verdict announcement, the Chief Justice stated that the Supreme Court's authority to intervene in the regulatory realm of the Securities and Exchange Board of India (SEBI) was constrained.
The judgment on Public Interest Litigations (PILs), initiated by lawyers Vishal Tiwari, M L Sharma, Congress leader Jaya Thakur, and Anamika Jaiswal, had been reserved since November 24 of the previous year.
Following a barrage of allegations by Hindenburg Research, including claims of fraudulent transactions and manipulation of share prices, Adani Group stocks experienced a significant downturn on the stock exchanges.
In response, the Adani Group refuted these accusations, dismissing them as falsehoods and asserting its adherence to all legal requirements and disclosure obligations.
