Gautam Adani, the Chairman of Adani Group, expressed his gratitude to the Supreme Court for its ruling that upheld the probe conducted by the Securities and Exchange Board of India (SEBI) into the Adani-Hindenburg matter. He also thanked those who supported the Adani Group throughout the ordeal.
He posted on X, “Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue.”
The Supreme Court, in a landmark judgement, refused to transfer the investigation from SEBI to a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI), as demanded by some petitioners. The court said that SEBI, as the market regulator, has the authority and expertise to deal with the matter and that there was no evidence of any regulatory failure or violation of fundamental rights by SEBI.
The court also observed that the allegations made by the US-based firm Hindenburg Research against the Adani group of companies regarding stock market manipulation were based on media reports and not verified facts. The court said that it cannot treat the Hindenburg report as a “true state of affairs” and that it has no reason to “discredit” SEBI, which probed the allegations.
The court also directed SEBI to complete its probe into two pending cases out of 24 cases within three months.
The case pertains to the report by Hindenburg Research, a short-seller, that claimed that Adani had inflated its share prices by creating fictitious entities. The report led to a steep decline in the share value of various Adani companies, reportedly to the tune of USD 100 billion.
The Adani Group has strongly denied the charges and said that it complies with all laws and disclosure requirements. The group has also said that the report was part of a malicious campaign to tarnish its reputation and hamper its business interests.
The Supreme Court’s ruling has vindicated the Adani Group’s stand and reaffirmed its faith in the judicial system and the regulatory mechanism. The ruling has also boosted the confidence of the investors and the public in the Adani Group’s vision and mission.