Adani-Hindenburg Case SC Verdict: The Supreme Court of the country has given its verdict on the Adani-Hindenburg case. The Supreme Court has given SEBI 3 more months to investigate this matter. Out of 24 cases, investigation has been completed in 22 and for these remaining 2 cases, the Supreme Court has given SEBI 3 more months time. The court has said that no flaw has been found in SEBI’s investigation so far. That is, the arguments of other petitioners including Prashant Bhushan have been rejected.
What was said in the Supreme Court
In the Adani case, the court said that SEBI’s investigation has not found any irregularity related to FPI rules. The Supreme Court said that there are limited powers in this case on the basis of which investigation has been done. The power of this court to enter into the regulatory framework of SEBI is limited, that is, the court will not interfere in the jurisdiction of SEBI. The court also said that there is no flaw in the investigation rules of SEBI and the investigation of this case will not be handed over to the SIT instead of SEBI.
Important comment of Supreme Court
The Supreme Court has said in its important comment that trust cannot be placed only on the basis of media reports or news publications. SIT has not found any basis to transfer the Adani case. The court has not found any need to transfer the case to any investigation committee keeping an eye on its side.
Gautam Adani got relief
In the Supreme Court, a 3-member bench headed by the Chief Justice has ruled that the investigation in the Adani case will not be transferred from SEBI to the SIT. The court had said in the last hearing itself that there is no concrete evidence regarding the Hindenburg report and today the court has said in its decision that the investigation conducted by SEBI in 22 cases so far is correct. Neither SIT nor CBI will be handed over the investigation of this case. If seen in a way, this is a big relief for Adani Group owner Gautam Adani with SEBI.
What were the allegations against Adani Group?
On January 24, 2023, the Hindenburg Report alleged that Gautam Adani and his Adani Group had wrongly invested money in the shares of Adani companies. Through this, shareholders have been cheated by manipulating the share prices. Petitioners’ lawyer Prashant Bhushan had demanded that along with investigation into the investments made in the shares of Adani companies, it should also be seen who got what benefits. SEBI is not conducting the investigation properly and an order should be given to transfer this case to SIT.
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