SC refuses SIT probe into allegations against Adani

New Delhi : The Supreme Court of India rejected pleas of petitioners seeking to hamper the ongoing SEBI investigation into allegations raised by Hindenburg Research. Delivering the judgment, a bench of Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra said there were no grounds to transfer the probe to a special investigation team (SIT). The Securities and Exchange Board of India (SEBI) has investigated 22 out of the 24 cases linked to the US-based short seller Hindenburg Research’s allegations. The Supreme Court gave the SEBI three months to complete the investigation in the remaining two cases. The pleas claimed the allegations that the Adani Group, considered close to the Modi government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.

 “The Hon’ble Supreme Court’s judgment 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,” Mr Adani said in the post on X.