Karan Adani, CEO of Adani Ports and SEZ Ltd. and the son of Adani Group’s chairperson Gautam Adani held a meet with Telangana CM A Revanth Reddy
New Delhi: The double standards and political propaganda of Congress stood exposed on Monday after the Supreme Court upheld the ongoing investigation by SEBI into the allegations of stock price manipulation against the Adani Group. The apex court dismissed the transfer of the probe to a Special Investigation Team, asserting that market regulator SEBI must conclude its investigation into two pending cases within the next three months. While Congress on one hand far away from stopping to hurl accusations at the Adani Group and Centre, Telangana CM A Revanth Reddy met the Adani Group delegation today to discuss business opportunities in the state.
Hypocrisy Exposed? CM Revanth Reddy meets Adani Group
While this decision comes as a relief for the Adani Group, the Congress party has expressed dissatisfaction, continuing to criticise the central government over the Adani-Hindenburg ‘stock manipulation’ issue. Senior Congress leader Jairam Ramesh took aim at SEBI for its alleged failure to promptly conclude investigations into violations of securities laws and stock manipulation by the corporate giant. As Congress continues its attack on the top court over its verdict on Adani-Hindenburg, its leader and Telangana CM A Revanth Reddy on January 3 met Karan Adani, son of Adani Group chairperson Gautam Adani and the CEO of Adani Ports and SEZ Ltd in Hyderabad.
The meeting between the Adani Group and the Telangana state government was focused on discussing potential investment opportunities within the region. Reports suggest that the dialogue primarily centered on identifying various sectors for Adani’s potential investments in Telangana. The nature and specifics of these potential investments remain undisclosed. However, the meeting signifies a mutual interest in exploring opportunities that could potentially benefit both the Adani Group and the state of Telangana.
Congress goes after top court after Adani judgement
Congress leader Jairam Ramesh emphasised the party’s commitment to combating crony capitalism, stating, “Our fight for NYAY against crony capitalism and its adverse impacts on prices, employment, and inequalities will persist with greater force.” The Congress leader made these remarks, highlighting concerns regarding the lingering investigations into the Adani Group’s conduct.
This development marks a significant point in the ongoing legal battle surrounding the Adani Group’s alleged stock price manipulation, with both the Supreme Court’s decision and the Congress party’s discontent adding new dimensions to the continuing saga.
What did the Supreme Court say?
In a significant ruling, the Supreme Court, led by Chief Justice DY Chandrachud, emphasised the importance of refraining from substituting judicial wisdom for the regulatory policies of the Securities and Exchange Board of India (SEBI). The court, in a recent decision, highlighted that the facts surrounding the Adani-Hindenburg case did not warrant the transfer of the ongoing investigation from SEBI to another entity.
The apex court acknowledged SEBI’s progress in the investigation, revealing that out of the 24 allegations against the Adani Group, the regulatory body has completed scrutiny in 22 cases. This observation underlined SEBI’s substantial advancement in addressing the accusations leveled against the conglomerate.
“Noting the assurance given by the Solicitor General on behalf of SEBI, we direct SEBI to complete the two pending investigations expeditiously, preferably within three months,” the bench, also comprising Justices J B Pardiwala and Manoj Misra, said. It also rejected the reliance placed by one of the petitioners on the Organised Crime and Corruption Reporting Project (OCCRP) report to suggest that SEBI was lackadaisical in conducting the investigation. “A report by a third party organisation without any attempt to verify the authenticity of its allegations cannot be regarded as conclusive proof,” the bench said.
“Satyameva Jayate”: Gautam Adani
Billionaire Gautam Adani, after the Supreme Court judgment, said that truth has prevailed and his group would continue to contribute to India’s growth story. “The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate,” Adani said in a post on X, formerly known as Twitter. “I am grateful to those who stood by us.” “Our humble contribution to India’s growth story will continue. Jai Hind,” he said.
