Truth Has Prevailed, Contribution To India’s Growth Will Continue: Gautam Adani After SC Judgment

"The Supreme Court's judgement shows that: Truth has prevailed. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue,” Adani Group Chairperson Gautam Adani said in a post on X.

New Delhi: Soon after Supreme Court declined to transfer the probe to a Special Investigation Team (SIT) or CBI into the Adani-Hindenburg issue, Adani Group Chairperson Gautam Adani said truth has prevailed and he also expressed gratitude to those who stood by him. He added that his humble contribution to India’s growth story will continue.

“The Supreme Court’s judgement shows that: Truth has prevailed. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue,” Adani Group Chairperson Gautam Adani said in a post on X.

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

While hearing the matter, a bench of Chief Justice of India DY Chandrachud, PS Pardiwala and Manoj Misra said the scope of power of the apex court to enter into the regulatory domain of SEBI is limited.

The top court panel said the scope of judicial review is only to see whether any fundamental right has been violated. The SC said the facts of the case do not warrant the transfer of the probe to the SIT or other agency. The SC also said there was no material to doubt the investigation carried out by the SEBI.

The judgement from the top court came on a batch of petitions seeking a court-monitored investigation or CBI probe into the allegations made by US-based firm Hindenburg Research against the Adani group of companies regarding violations of the stock market.

The bench said there has been no regulatory failure by SEBI and the market regulator cannot be expected to carry on its functions based on press reports though such reports can act as inputs for SEBI.

The top court asked SEBI to complete within three months its probe into two cases pending out of 24 cases.

The case is related to the allegations (part of a report by short-seller Hindenberg Research) that Adani had inflated its share prices. After these allegations were published, it led to a sharp fall in the share value of various Adani companies, reportedly to the tune of USD 100 billion.