Adani Group Chairperson Gautam Adani on Wednesday hailed the Supreme Courtroom’s judgment on the Adani-Hindenburg row saying the reality has prevailed. The apex court docket rejected the OCCRP report on Adani Group and dominated that there was no floor to switch the probe from Securities and Exchannge Board of India (SEBI) to a particular investigation crew (SIT).
“The Hon’ble Supreme Courtroom’s judgement reveals that: Fact has prevailed. Satyameva Jayate,” Adani stated in a put up on X.
“I’m grateful to those that stood by us. Our humble contribution to India’s progress story will proceed,” he added.
The Hon’ble Supreme Courtroom’s judgement reveals that:
Fact has prevailed.
Satyameva Jayate.I’m grateful to those that stood by us.
Our humble contribution to India’s progress story will proceed.
Jai Hind.
— Gautam Adani (@gautam_adani) January 3, 2024
The Supreme Courtroom bench comprising Chief Justice DY Chandrachud, and justices J B Pardiwala and Manoj Misra gave its judgment on a batch of pleas over allegations of inventory value manipulation by Adani Group.
Final yr, the US short-seller agency, Hindenburg Analysis made a slew of allegations towards the Indian enterprise conglomerate together with these about fraudulent transactions and share-price manipulation, after which the Adani Group shares plunged nosedive out there.
The fees have been, nevertheless, rejected by the Adani Group as lies saying it complies with all legal guidelines and disclosure necessities.
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Whereas studying out the judgment, the highest court docket famous, “The reliance on OCCPR report is rejected and reliance on a 3rd occasion organisation report with none verification can’t be relied upon as a proof.”
“The ability of this court docket to enter the regulatory framework of SEBI is restricted,” stated the CJI.
“No legitimate grounds raised to direct SEBI to revoke its amendments on FPI and LODR laws. The laws don’t undergo from any infirmities,” the CJI added.