'Satyameva Jayate': Gautam Adani Reacts To SC Ruling In Hinderburg Case

Gautam Adani said that the truth has prevailed after Supreme Court rejected the OCCRP report on Adani Group and held that there was no ground to transfer probe from SEBI to an SIT.

Adani Group chairperson Gautam Adani reacts to the Supreme Court ruling. ( Image Source :PTI File Photo )

Adani Group Chairperson Gautam Adani on Wednesday hailed the Supreme Court's judgment on the Adani-Hindenburg row saying the truth has prevailed. The apex court rejected the OCCRP report on Adani Group and ruled that there was no ground to transfer the probe from Securities and Exchannge Board of India (SEBI) to a special investigation team (SIT). 

"The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate," Adani said in a post on X.

"I am grateful to those who stood by us. Our humble contribution to India's growth story will continue," he added.  

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

The Supreme Court 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 stock price manipulation by Adani Group. 

Last year, the US short-seller firm, Hindenburg Research made a slew of allegations against the Indian business conglomerate  including those about fraudulent transactions and share-price manipulation, after which the Adani Group stocks plunged nosedive in the market. 

The charges were, however, rejected by the Adani Group as lies saying it complies with all laws and disclosure requirements.  

While reading out the judgment, the top court noted, "The reliance on OCCPR report is rejected and reliance on a third party organisation report without any verification cannot be relied upon as a proof." 

"The power of this court to enter the regulatory framework of SEBI is limited," said the CJI.  

"No valid grounds raised to direct SEBI to revoke its amendments on FPI and LODR regulations. The regulations do not suffer from any infirmities," the CJI added.