The Supreme Court has supported the ongoing investigation by SEBI (Securities and Exchange Board of India) regarding the accusations against the Adani Group that were raised in a report by Hindenburg, a US-based short seller. Gautam Adani, the chairman of the Adani Group, welcomed the verdict, stating that truth has prevailed and expressed gratitude to those who supported them. Adani mentioned their commitment to contributing to India’s growth story in his statement on social media platform X.
The bench, led by Chief Justice of India D Y Chandrachud, emphasized that SEBI should carry out the investigation to its conclusion and found no grounds for transferring the probe away from the regulatory board. They highlighted that SEBI has completed inquiries in 20 out of 22 cases and directed the completion of the remaining two cases within three months.
Additionally, the court dismissed reliance on the report from the Organised Crime and Corruption Reporting Project (OCCRP), asserting that a report by a third-party organization lacking verification of its allegations cannot be deemed as definitive proof.
In the previous year, the Hindenburg report accused the Adani Group of long-term stock manipulation and accounting fraud. Later, in September, the OCCRP brought forward fresh allegations of stock manipulation against the group, alleging connections between supposedly public investors and the Adani family that contributed to the manipulation of stock prices in Adani companies.
