Adani-Hindenburg Case: Supreme Court justified SEBI investigation, Gautam Adani said ‘Satyamev Jayate’

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Adani-Hindenburg Case: Supreme Court has given big relief to Gautam Adani in Hindenburg case. The court has justified SEBI’s investigation. While giving its verdict in the case, the court has given 3 more months time to investigate the two cases. Also, there is no basis to transfer the investigation of the case from the Securities and Exchange Board of India (SEBI) to the SIT. According to the report, during the hearing, the Chief Justice said that SEBI has completed its investigation on 20 out of 22 cases related to the allegations in the report. Keeping in mind the assurance given by the Solicitor General during the hearing, we have directed SEBI to complete the investigation in the other two cases within 3 months. Let us tell you that earlier on November 24, the Supreme Court had reserved its decision. However, the American has also declared the report of short seller firm Hindenburg as fake.

Gautam Adani responded

Gautam Adani has expressed happiness over the decision of the Supreme Court. He wrote on social media platform X that Satyamev Jayate Satya has won. I am grateful to everyone who supported me. Contribution will continue in the development work of the country. It is noteworthy that earlier in the company’s AGM on July 18, he had said that the purpose of Hindenburg’s report was only to earn profits by tarnishing the group’s image in the global market. The report was prepared based on misinformation and baseless allegations, most of which were from 2004 to 2015.

The Hon’ble Supreme Court’s judgment 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 (@gautam_adani) January 3, 2024

What did the Supreme Court say in the last hearing

The Supreme Court said that there is no reason to doubt market regulator SEBI, which is investigating the allegations against Adani Group in the Hindenburg report. He said that there is no fact before him to distrust the market regulator’s investigation. Along with this, the top court said that it is considering the claims made in the Hindenburg Report as not being completely based on facts. The bench said that in the absence of any facts before it, it would not be appropriate to constitute a Special Investigation Team (SIT) at its own level. A bench headed by Chief Justice DY Chandrachud reserved its order after hearing the arguments of the parties related to the Adani-Hindenberg case. The court objected to SEBI being asked to investigate the Adani-Hindenburg case on the basis of some media reports. He said that he cannot ask a statutory regulator to accept anything published in the media as absolute truth.

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