Gautam Adani Resolute Response: ‘Satyameva Jayate’ Echoes Power and Gratitude After Supreme Court Triumph
Gautam Adani Celebrates Victory as Supreme Court Upholds SEBI Probe, Rejects SIT: “Truth Prevails”
Adani Group chairman, Gautam Adani, took to Twitter to express his gratitude and satisfaction after the Supreme Court’s decision to uphold the SEBI probe, dismissing the need for an SIT. In the wake of the verdict on the Adani-Hindenburg case, Adani stated, “Truth has prevailed,” and acknowledged those who supported the group. He affirmed the Adani Group’s commitment to India’s growth and expressed gratitude to those who stood by them.
Following a bench comprising CJI DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Misra’s rejection of the SIT probe and affirmation of SEBI’s continued investigation, the Supreme Court emphasized that reliance on newspaper reports and third-party organizations to question the statutory regulator (SEBI) lacked confidence-inspiring conclusiveness. While acknowledging these as inputs, the court highlighted the absence of conclusive evidence and dismissed claims of SEBI’s lackadaisical approach in its probe.
The Supreme Court, in its verdict, firmly stated that transferring the case from SEBI to an SIT was unwarranted, given SEBI’s completion of the investigation in 20 out of 22 cases. Mandating SEBI to conclude its investigations within three months, the apex court reiterated that there was no basis to assert SEBI’s lack of diligence in handling the matter. This legal triumph marks a significant moment for Gautam Adani and the Adani Group, reinforcing their commitment to transparency and contributing to India’s growth trajectory.
As the legal saga concludes with the Supreme Court’s firm stance, Gautam Adani’s acknowledgment of truth prevailing underscores a sense of vindication for the Adani Group. The court’s dismissal of the SIT probe and affirmation of SEBI’s competence in its investigation bolsters confidence in regulatory processes.
Gautam Adani’s expressed gratitude to those who stood by the Adani Group during this challenging period emphasizes the importance of support in the face of legal scrutiny. The commitment to India’s growth story remains unwavering, and Adani’s positive response echoes resilience and dedication.
The Supreme Court’s rationale, emphasizing the completion of SEBI’s investigation in a majority of cases, adds weight to the decision, dispelling doubts regarding regulatory diligence. The court’s directive for SEBI to conclude its remaining investigations within three months underscores the importance of expeditious resolution while maintaining the integrity of the process.
This legal victory serves not only as a personal vindication for Gautam Adani but also as a broader testament to the robustness of India’s legal and regulatory framework. It highlights the adherence to due process and the principle that allegations should be substantiated with concrete evidence.
As the Adani Group looks ahead, the clarity provided by the Supreme Court’s decision paves the way for an undistracted focus on contributing to India’s economic development. The resilience displayed in navigating legal challenges reinforces the commitment to transparency and accountability within the business landscape.
In the aftermath of this legal triumph, the Adani Group’s narrative shifts from defending against allegations to actively participating in the nation’s growth story. The journey ahead will likely see renewed efforts in sustainable business practices and continued contributions to India’s economic landscape.
Supreme Court Rejects SIT Probe, Directs SEBI to Conclude Adani Probe: Verdict Highlights Regulatory Independence”
In a significant development, the Supreme Court of India, led by CJI DY Chandrachud, has declined to form a Special Investigation Team (SIT) to investigate allegations made by American short-seller Hindenburg against the Adani Group. The court, however, directed the Securities and Exchange Board of India (SEBI) to complete its investigation into the remaining two cases related to the conglomerate within three months.
The bench maintained that the court does not have the authority to regulate SEBI’s investigative powers and highlighted that SEBI had already completed its probe in 22 out of the 24 cases linked to Hindenburg’s allegations.
Delivering its verdict on multiple petitions regarding allegations of stock price manipulation by the Adani Group, the court emphasized that the case’s facts did not justify transferring the investigation to an SIT or any other probe agencies.
The CJI emphasized the court’s limited power to intervene in SEBI’s regulatory domain, asserting that the Adani Group had labeled the charges as “lies.”
The Supreme Court indicated that SEBI and the central government have the authority to investigate if there was a violation of law based on the Hindenburg report on short-selling. The court stated that reports such as Hindenburg’s cannot be the sole basis for ordering a separate investigation.
Moreover, the court cautioned against petitions lacking adequate research and relying on unverified materials, emphasizing the potential counterproductivity to public interest jurisprudence.
In a notable move, the Supreme Court urged the Centre and SEBI to consider implementing the recommendations put forth by the court-appointed panel. It further asserted that there was no evidence to suggest SEBI’s lackadaisical approach in taking necessary steps.
The court’s rejection of the reliance on certain reports and insistence on verified materials underscores the importance of a meticulous and thorough investigative process. This verdict highlights the principle of regulatory independence and the need for evidence-backed claims in matters of public interest.
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