Supreme Court refuses SIT probe in Adani-Hindenburg case

(Photo Credits : LiveLaw)

New Delhi – The Supreme Court has refused to order a probe by a Special Investigation Team (SIT) in the Adani-Hindenburg case. Rather, it has endorsed an investigation by the Securities and Exchange Board of India (SEBI). The Supreme Court also clarified that it will not intervene in SEBI’s Investigation.

The Court said that ‘SEBI’ has investigated 22 out of 24 cases. We are ordering to complete the investigation of the remaining 2 cases within 2 months and submit the report. ‘SEBI’ is a Competent Authority and its investigation cannot be doubted. The Supreme Court has asked the Government of India and SEBI to act according to the recommendations of the expert committee to safeguard the interests of Indian investors. The Court asked SEBI to act on the recommendations of the expert committee to improve the existing regulatory system.

Satyamev Jayate ! – Gautam Adani

Adani Group chairman Gautam Adani has expressed happiness over the Supreme Court’s decision. He posted on ‘X’, “The truth has won. Satyamev Jayate. I am thankful to those who stood by us. Our humble contribution to India’s path of progress will continue. Jai Hind !”

What is the matter ?

In January 2023, US-based short-seller Hindenburg Research accused Gautam Adani’s group of stock market manipulation and fraud. The group later denied all the allegations. A SIT probe was demanded to investigate the matter.