Billionaire Gautam Adani responded to the Supreme Court judgment on allegations made by a US short-seller against his conglomerate, stating on Wednesday that truth has prevailed. Adani affirmed that his group would persist in contributing to India's growth story.
The Supreme Court on Wednesday ruled that there was no ground to order an investigation by a SIT or CBI into allegations against the Adani group, and that capital market regulator SEBI must conclude its probe within three months.
The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate, Adani said in a post on X, formerly known as Twitter. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind, he said.
In a pivotal development, a three-judge bench led by Chief Justice of India D Y Chandrachud directed the Securities and Exchange Board of India (SEBI) to conclude its ongoing investigation within three months. The Supreme Court declared that no further probes were necessary, potentially bringing an end to the year-long controversy sparked by Hindenburg Research's critical report against the diversified conglomerate, spanning from apples to airports. Adani group has denied all allegations.
The Hindenburg Research report, published in January 2023, accused the Adani Group of "brazen accounting fraud" and "stock manipulation." The Adani Group vehemently denied the allegations, calling them "malicious" and "unfounded." The report triggered a dramatic sell-off in Adani stocks, erasing over $140 billion in market value within days and forcing the cancellation of a ₹20,000 crore share sale. In response to the controversy, the Supreme Court in March formed a six-member panel headed by retired Justice A.M. Sapre to investigate potential regulatory lapses by SEBI and alleged violations by the Adani Group. The panel's report, submitted in September, found no conclusive evidence of stock manipulation or violation of market norms by Adani companies