- Gautam Adani says ‘Satyameva Jayate’ after Supreme Court verdict: ‘Grateful’
- The court also accused the petitioners of relying on “unsubstantiated” reports and thus misusing the public interest litigation instrument
NE NEWS SERVICE
NEW DELHI, AHMEDABAD, JAN 3
The Supreme Court on Wednesday said that the court had limited jurisdiction when it comes to the Security and Exchange Board of India’s (SEBI’s) regulatory domain, and so the Board should be allowed to conclude its probe into the allegations into the Adani group within three months.
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 bench also said that there is no ground to either transfer the probe from SEBI to an SIT or to order SEBI to revoke its regulations.
Holding that it cannot regulate SEBI’s power of investigation, a bench headed by Chief Justice D Y Chandrachud noted that SEBI has completed its probe in 22 out of 24 cases relating to allegations against the Adani group.
The apex court also said that the facts of the case do not warrant the transfer of the probe into the matter to a Special Investigation Team (SIT) or other probe agency.
The top court delivered its verdict on a batch of petitions on the Adani-Hindenburg row over allegations of stock price manipulation by the Indian corporate giant.
While pronouncing the verdict, the CJI said the power of the top court to enter the regulatory domain of the Securities and Exchange Board of India (SEBI) was limited.
The judgment on the PILs, filed by lawyers Vishal Tiwari, M L Sharma, Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved on November 24 last year.
The Adani Group stocks got bludgeoned on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Gautam Adani says ‘Satyameva Jayate’ after SC verdict: ‘Grateful’
Adani Group chairman Gautam Adani welcomed the Supreme Court’s verdict on the Adani-Hindenburg case and said truth has prevailed. “I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue,” Adani wrote after a bench of CJI DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra rejected the SIT probe into the allegations against the group and said SEBI will continue its probe.
In its judgment, the Supreme Court said reliance on newspaper reports and third-party organisations to question the statutory regulator (SEBI) does not inspire confidence. They can be treated as inputs but no conclusive evidence, the Supreme Court said adding that there is no ground to claim that SEBI has been lackadaisical in its probe.
The government and the SEBI will look into the allegations against the Adani group, the court said adding that no valid grounds have been raised to direct SEBI to revoke its amendments on FPI, LODR.
