‘Truth has prevailed’: Gautam Adani after SC verdict in Hindenburg case

A bench headed by Chief Justice of India D Y Chandrachud said that SEBI must carry out the investigation to its logical end and that “no ground was made out for transfer of probe” from the regulatory board.

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

“SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of Solicitor General, we direct SEBI to complete the investigation in the other two cases preferably within three months,” the court said.

The bench also rejected reliance on Organised Crime and Corruption Reporting Project (OCCPR) report, saying that a report by a third-party organisation “without any attempt to verify the authenticity of its allegations cannot be regarded as conclusive proof”.

After the Hindenburg report accused the Adani group of “brazen stock manipulation and accounting fraud scheme over the course of decades” in January last year, the OCCRP, in September, made fresh allegations of stock manipulation against the group. The OCCRP report said, “in at least two cases … [supposedly public] investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family”, and helped manipulate Adani companies’ stock prices.