“Truth Has Prevailed”: Gautam Adani On Top Court Verdict In Hindenburg Case

Adani Group chairman Gautam Adani today welcomed the Supreme Court verdict in the Hindenburg row as the victory of truth. In a post on X, formerly Twitter, Mr Adani said he was “grateful to those who stood by us”.

In a huge victory for conglomerate, the Supreme Court today said the George Soros-led OCCRP’s report can’t be the basis for doubting the capital markets regulator SEBI’s investigation into the Hindenburg case.

“The Hon’ble Supreme Court’s judgment 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,” Mr Adani said in the post on X.

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

Delivering the judgment, a Supreme Court bench of Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra said there were no grounds to transfer the probe to a special investigation team (SIT).

The Securities and Exchange Board of India (SEBI) has investigated 22 out of the 24 cases linked to the US-based short seller Hindenburg Research’s allegations. The Supreme Court gave the SEBI three months to complete investigation in the remaining two cases.

The Adani Group has bounced back stronger since the days of the group firms’ steep nosedive following the allegations by the US-based short seller Hindenburg Research.

In yet another major win, the Supreme Court also ordered the government and SEBI to check whether Hindenburg ignored rules in shorting the market and to take action accordingly.