Gautam adani says 'satyameva jayate' after supreme court verdict grateful

Gautam adani says 'satyameva jayate' after supreme court verdict grateful

Truth has prevailed, Gautam Adani tweeted after the Supreme Court upheld the SEBI probe and said there was no need of an SIT.

Adani Group chairman Gautam Adani welcomed the Supreme Court's verdict on the Adani-Hindenburg case and said truth has prevailed. ‘I am grateful to those who stood by us. Our humble contribution to India's growth story will continue,’ Adani wrote after a bench of CJI DY Chandrachud, Justice JB Pardiwala and Justice Manoj Misra rejected the SIT probe into the allegations against the group and said SEBI will continue its probe. In its judgment, the Supreme Court said reliance on newspaper reports and third-party organisations to question the statutory regulator (SEBI) does not inspire confidence. They can be treated as inputs but no conclusive evidence, the Supreme Court said adding that there is no ground to claim that SEBI has been lackadaisical in its probe.

The Supreme Court delivering its verdict said there is no ground to transfer the case from SEBI to a SIT as SEBI has completed the probe in 20 out of 22 cases. As the apex court ordered SEBI to complete its investigations within three months, it said there is no ground to say that SEBI has been lackadaisical.

The government and the SEBI will look into the allegations against the Adani group, the court said adding that no valid grounds have been raised to direct SEBI to revoke its amendments on FPI, LODR.

Congress MP Manish Tewari said he has not gone through the verdict. ‘The fundamental fact remains that the Hindenburg report came into the public domain exactly one year ago and for one year, SEBI has been dragging its feet on the allegations made in the Hindenburg report. If on a matter as sensitive as this, it takes one year to even complete an investigation, it just goes to show how lackadaisical the attitude of SEBI is. If SEBI wanted, it could have completed the investigation a long time back and we repeatedly raised this matter even in the Parliamentary Standing Committee of Finance...’ the Congress MP said.