https://sputniknews.in/20240103/adani-hindenburg-case-court-declines-transfer-of-investigation-to-special-team-6068879.html
Adani-Hindenburg Case: Court Declines Transfer of Investigation to Special Team
Adani-Hindenburg Case: Court Declines Transfer of Investigation to Special Team
Sputnik India
The Supreme Court of India has dismissed all petitions seeking to transfer the investigation into allegations of round-tripping and money laundering by the Adani Group from the SEBI to a special investigation team, Indian media reported on Wednesday.
2024-01-03T12:46+0530
2024-01-03T12:46+0530
2024-01-03T12:46+0530
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The Supreme Court of India has dismissed all petitions seeking to transfer the investigation into allegations of round-tripping and money laundering by the Adani Group from the Securities and Exchange Board of India (SEBI) to a special investigation team, Indian media reported on Wednesday.A three-judge bench of Chief Justice of India Dhananjaya Yeshwant Chandrachud and Justices Jamshed Burjor Pardiwala and Manoj Misra reserved its verdict on the matter on 24 November.The Supreme Court said that independent reports or newspaper articles cannot be used to question the investigations of SEBI, the securities market regulator.The Supreme Court directed SEBI to complete its investigation into the Adani group within three months. The Supreme Court also cautions petitioners against filing petitions without adequate investigation.In January 2023, US research firm Hindenburg alleged "brazen accounting fraud" and "share manipulation" by the Gautam Adani-led group. Adani categorically denied all allegations, calling the report "maliciously malicious", which caused over $140 billion in damage to Adani Group shares.Adani, the second richest person in the world when the report was published, is now ranked sixteenth. Meanwhile, Gautam Adani has welcomed the Supreme Court's verdict, saying that 'truth has prevailed'.In the meantime, within minutes of the Supreme Court ruling, Adani Group's shares jumped by 3-11%.
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Adani-Hindenburg Case: Court Declines Transfer of Investigation to Special Team
Deexa Khanduri
Sputnik correspondent
In January last year, US investigative firm Hindenburg published a report against India's then richest man, Gautam Adani, for using offshore tax havens, manipulating share prices and fraudulent accounting.
The Supreme Court of India has dismissed all petitions seeking to transfer the investigation into allegations of round-tripping and money laundering by the Adani Group from the Securities and Exchange Board of India (SEBI) to a special investigation team, Indian media reported on Wednesday.
A three-judge bench of Chief Justice of India Dhananjaya Yeshwant Chandrachud and Justices Jamshed Burjor Pardiwala and Manoj Misra reserved its verdict on the matter on 24 November.
The Supreme Court said that independent reports or newspaper articles cannot be used to question the investigations of SEBI, the securities market regulator.
"There is no room to doubt the fairness of SEBI's investigation into the allegations... The Hindenburg report cannot be independently verified," the court ruled.
The Supreme Court directed SEBI to complete its investigation into the Adani group within three months. The Supreme Court also cautions petitioners against filing petitions without adequate investigation.
In January 2023, US research firm Hindenburg alleged "brazen accounting fraud" and "share manipulation" by the Gautam Adani-led group. Adani categorically denied all allegations, calling the report "maliciously malicious", which caused over $140 billion in damage to Adani Group shares.
Adani, the second richest person in the world when the report was published, is now ranked sixteenth. Meanwhile, Gautam Adani has welcomed the Supreme Court's verdict, saying that 'truth has prevailed'.
"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," billionaire Adani posted on X (formerly Twitter).
In the meantime, within minutes of the Supreme Court ruling, Adani Group's shares jumped by 3-11%.
