- Wednesday, May 15, 2024
The apex court ruled that the report by Organised Crime and Corruption Reporting Project cannot be the basis for questioning the investigation undertaken by India’s capital markets regulator SEBI into the issue.
By: Shubham Ghosh
GAUTAM Adani, chairman of India’s Adani Group, on Wednesday (3) welcomed the verdict given by the Supreme Court over the Hindenburg row as a victory of truth.
On X, he said he was “grateful to those who stood by us”.
The Indian conglomerate received a massive relief earlier in the day when the apex court ruled that the report by Organised Crime and Corruption Reporting Project cannot be the basis for questioning the investigation undertaken by India’s capital markets regulator SEBI (Securities and Exchange Board of India) into the Hindenburg issue that exploded a year ago.
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 (@gautam_adani) January 3, 2024
“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,” Adani, 61, said in his post.
Read: Adani hires global team for Mumbai slum development
A three-judge bench of the top court, led by Chief Justice DY Chandrachud, ruled out a basis to transfer the investigation to a special investigation team.
SEBI has investigated 22 out of 24 cases linked to the allegations brought by US-based short seller Hindenburg Research against the Adani Group. The apex court gave the regulator three months to complete the probe in the remaining two cases.
The conglomerate has made a strong comeback since the days when its fortunes nosedived after the short seller’s allegations that Adani Group manipulated stocks and used offshore tax havens improperly.
