Gautam Adani grateful, echoes 'Satyameva Jayate' post Supreme Court ruling
New Delhi, January 03: Following the Supreme Court's ruling supporting the Securities and Exchange Board of India (SEBI) investigation and rejecting the need for a Special Investigation Team (SIT), Gautam Adani shared his thoughts, expressing gratitude and affirming that truth has prevailed.
The Adani Group chairman, Gautam Adani, welcomed the apex court's decision on the Adani-Hindenburg case, highlighting the triumph of truth. In a tweet, he expressed gratitude to those supporting the group and affirmed their commitment to contributing to India's growth narrative. Adani's statement came after a bench comprising CJI DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Misra dismissed the plea for an SIT probe, affirming SEBI's continuity in the investigation.
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
In its judgment, the Supreme Court emphasized the inadequacy of relying solely on newspaper reports and third-party organizations to question the statutory regulator (SEBI), stating that while they can serve as inputs, they do not constitute conclusive evidence. The court reiterated that there's no substantial ground to accuse SEBI of negligence in its inquiry.
The apex court's verdict highlighted SEBI's progress, noting the completion of investigations in 20 out of 22 cases and instructing SEBI to conclude the remaining investigations within three months. It underscored that there's no substantial basis to suggest SEBI's lack of diligence.
Addressing the allegations against the Adani Group, the court specified that no valid grounds were presented to compel SEBI to reverse its amendments on Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirements (LODR).
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Congress MP Manish Tewari, while acknowledging he hadn't reviewed the verdict, expressed concerns over the time taken for SEBI's investigation following the Hindenburg report's release a year ago. He criticised the perceived sluggishness of SEBI's response, highlighting the sensitivity of the issue and its extended investigation timeline, suggesting a lackadaisical attitude.
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Tewari reiterated that SEBI could have expedited the investigation earlier and raised these concerns in the Parliamentary Standing Committee on Finance. The Supreme Court's verdict, supporting SEBI's integrity while stressing the need for comprehensive investigations, concludes a pivotal chapter in the Adani-Hindenburg saga, prompting varied perspectives on regulatory efficacy and diligence.
Also Read: Adani-Hindenburg order: SC backs SEBI probe, rejects doubts, no interference
(Inputs from agencies)
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