Active Stocks
Wed May 22 2024 15:59:56
  1. Tata Steel share price
  2. 173.30 -0.57%
  1. ITC share price
  2. 439.75 1.10%
  1. State Bank Of India share price
  2. 819.30 -1.35%
  1. NTPC share price
  2. 373.40 0.40%
  1. Kotak Mahindra Bank share price
  2. 1,700.40 0.19%
Business News/ News / India/  Adani-Hindenburg Verdict: ‘Truth has prevailed’, says Gautam Adani after SC judgment
BackBack

Adani-Hindenburg Verdict: ‘Truth has prevailed’, says Gautam Adani after SC judgment

Adani-Hindenburg case verdict: The SC rejects pleas to transfer Adani fraud case investigation to SIT. The top court has ordered the Centre and SEBI to investigate whether the Hindenburg report on short selling violates any laws, and if so, to take appropriate legal action.

Gautam Adani.Premium
Gautam Adani.

Adani Group Chairman Gautam Adani on Wednesday welcomed the Supreme Court judgment in the Hindenburg case. In a post on X (formerly Twitter), the Indian billionaire said, “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," Adani wrote on the microblogging site today.

The top court on January 3 pronounced its verdict on a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. A bench comprising Chief Justice DY Chandrachud and justices JB Pardiwala and Manoj Misra delivered the judgment.

Also Read: Chronology of Adani Saga

While reading out the judgment, CJI DY Chandrachud rejected key demands of petitioners seeking to derail the ongoing Securities and Exchange Board of India (SEBI) investigation into allegations raised by Hindenburg Research. 

The SC held that there is no ground to transfer the Adani Hindenberg case investigation from SEBI to a Special Investigation Team (SIT).

The CJI stated that SEBI has completed an investigation in 20 out of 22 matters and has directed the regulatory body to complete the probe within three months in the remaining two cases.

Also Read: Live updates on Adani-Hindenburg case verdict

The apex court ordered the Centre and SEBI to investigate whether the Hindenburg report on short selling violates any laws, and if so, to take appropriate legal action. It also told the Centre and the market regulator to consider the recommendation of an expert committee to strengthen the regulatory framework.

The judgment on the PILs was reserved on November 24, 2023. The pleas claimed the allegations that the Adani Group, considered close to the Narendra Modi-led government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.

In March 2023, the top court directed the capital markets regulator to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report. 

The court had also set up an expert committee comprising six members, headed by former top court judge Justice AM Sapre.

In January 2023, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 03 Jan 2024, 11:41 AM IST
Next Story footLogo
Recommended For You