Indian tycoon Gautam Adani, the owner of the group, was in trouble after Hindenburg published a report accusing Adani Group of fraud. This time he got the court on his side. The Supreme Court of India said in this judgment on Wednesday that there is no need to form a special investigation team in this regard. In a reaction after the verdict, Adani said, ‘Truth will prevail’.
According to Indian media NDTV, based on the Hindenburg report, the court will not interfere with the investigation by the Securities and Exchange Board of India (SEBI) in the share manipulation case against the Adani Group.
A bench headed by Chief Justice DY Chandrachud said on Wednesday that it is not appropriate to cast doubt on the investigation of the national level regulatory body by relying on an unsupported report (Hindenburg Report). That report can be viewed as an important piece of information in this case, not as an evidentiary document.
Anandabazar Online says that the Supreme Court on Wednesday rejected the demand for the formation of a seat based on the Hindenburg report in the investigation of the complaint against the Adani group.
In a reaction after the Supreme Court’s verdict, Adani said, “The Honorable Supreme Court’s verdict shows that truth will prevail”. Adani then says ‘Satyamev Jayate’ with the traditional Hindi interpretation of the phrase.
Adani said that he is happy with the Supreme Court’s verdict. He is grateful to those who stood by him during this difficult time. Along with this, the leader of Adani Group said that his organization will continue to strive for the development and progress of the country in the coming days.
America’s Hindenburg Research published a report on Adani Group in January last year. They were accused of cheating in the stock market. After the publication of that report, there was a stir across India. Gautam Adani’s wealth continued to dwindle. The share also started to decrease.