Supreme Court refuses to interfere in SEBI investigation, says regulator should complete investigation in three months

The Supreme Court has refused to interfere in the SEBI investigation into the allegations of Hindenburg Research. A bench of three judges has given its verdict in the case related to Hindenburg Research’s allegations against Adani Group. The court had handed over the investigation of 22 cases to SEBI, of which two are pending investigation.

Top court said- there is no basis to prove that SEBI was lax

The Supreme Court has asked the Central Government and SEBI to consider the recommendations of the expert committee to strengthen the regulatory framework. The Supreme Court has refused to conduct investigation by a Special Investigation Team (SIT) in the Adani-Hindenburg case.

The bench headed by the Chief Justice pronounced the decision

Adani Group shares see rise after Supreme Court’s decision

Adani Energy Solutions shares rose 17.83 percent on BSE after the Supreme Court’s verdict in the Adani Hindenburg case. During this period, there was a rise of 11.39 percent in NDTV, 9.99 percent in Adani Total Gas, 9.13 percent in Adani Green Energy and 9.11 percent in Adani Enterprises. Shares of Adani Wilmar were seen trading with gains of 8.52 percent, Adani Power 4.99 percent, Ambuja Cements 3.46 percent and ACC 2.96 percent. Shares of two group companies – Adani Ports and Ambuja Cements – hit their 52-week high in morning trade. BSE’s 30-share Sensex was trading at 71,544.60 points with a loss of 319.47 points and Nifty was down 104.30 points at 21,561.50 points in morning trade.

Hindenburg was accused of the largest fraud in corporate history

The Hindenburg report claims that billionaire Gautam Adani has committed the ‘biggest fraud in corporate history’. While hearing several petitions last month, the top court had said that whatever has been said in the Hindenburg Report cannot be considered completely correct.

The head of Adani Group gave this reaction

After the Supreme Court’s decision, Adani Group Chairman Gautam Adani tweeted, “The Supreme Court’s decision shows that: truth has prevailed. I am grateful to those who stood with us. Our humble contribution to India’s growth story.” The contributions will continue.”

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