Adani Group Chairman Gautam Adani today hailed the Supreme Court’s decision in the Hindenburg case as a win for truth. Mr Adani expressed gratitude to people who supported him in a tweet on X, previously Twitter.
In a major win for the conglomerate, the Supreme Court today ruled that the report of the George Soros-led OCCRP cannot be used to cast doubt on the financial markets regulator SEBI’s probe into the Hindenburg disaster.
“The Hon’ble Supreme Court’s decision demonstrates that truth has triumphed.” Satyameva Jayate. I am grateful to all those who supported us. Our little contribution to India’s development story will continue. “Jai Hind,” Mr Adani said in a post on X.
The Securities and Exchange Board of India (SEBI) has reviewed 22 of the 24 instances relating to the accusations of US-based short seller Hindenburg Research. The Supreme Court allowed the SEBI three months to conclude its inquiry into the two outstanding cases.
In its decision, a Supreme Court bench comprised of Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra stated that there were no reasons to refer the matter to a special investigation team (SIT).
The Adani Group has recovered better after the group businesses’ precipitous drop following the charges made by the US-based short seller Hindenburg Research.
In yet another significant victory, the Supreme Court directed the government and SEBI to investigate if Hindenburg violated any regulations in shorting the market and to take appropriate measures.
Implications of the Verdict:
The Supreme Court’s decision reaffirms SEBI’s authority and strengthens its ability to investigate cases of alleged market manipulation.
It sends a strong message to all participants in the Indian capital markets that financial malpractices will not be tolerated.
This case is likely to have a significant impact on corporate governance practices in India and attract international attention.
