SC directs SEBI to complete Adani probe in 3 months
On Wednesday, January 3, the Supreme Court instructed the Securities and Exchange Board of India (SEBI) to conclude its investigation into the two pending cases involving accusations against the Adani Group, including fraudulent transactions and manipulation of share prices—made in a report by US-based short seller Hindenburg Research in January 2023—within a timeframe of three months.
Stating that it lacks authority to regulate SEBI’s investigative powers, a panel led by Chief Justice DY Chandrachud highlighted that the Central organisation has finished its inquiry in 22 out of the 24 cases linked to the Adani Group.
The apex court also dismissed requests to hand over the investigation concerning the accusations made by Hindenburg to a special investigation team (SIT), citing that the petitioners did not present any substantial basis for such a transfer.
It dismissed the petitioners’ claims of conflict of interest against certain members of its expert committee, labelling the accusations as “unsubstantiated”.
The stocks of the companies in the Adani Group had plummeted following the series of accusations made by Hindenburg Research, in response to which, the group had refuted the allegations, asserting them to be false and stating their adherence to all legal norms and disclosure obligations.
Today, in response to the Supreme Court verdict, Adani Group chief and founder Gautam Adani wrote on his handle on X: “The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate”.
