The Supreme Court has issued a key judgment that there is no need to transfer the investigation undertaken by SEBI to SIT in the Adani Hindenburg case. It has been clarified that they do not see any evidence to strengthen the arguments for transfer. Based on the OCRP report led by George Soros, the Supreme Court has said that there is no need to doubt the investigation being conducted by SEBI in the Adani case. With the latest verdict of the Supreme Court, Gautam Adani Group has got a huge victory.
Last year, a foreign company called Hindenburg revealed a sensational report that massive irregularities are taking place in the billionaire Gautam Adani Group and the stock price is being manipulated. This news shook the Indian stock markets at that time. All stocks belonging to Adani Group fell. This Hindenburg report also created a stir in Indian politics. Adani-Hindenburg case reached the Supreme Court. Several petitions have been filed against the Adani Group. The Supreme Court has been investigating these for almost 10 months. On Wednesday Supreme Court issued a key verdict on the petitions filed to transfer the investigation being carried out by SEBI to the SIT in the Adani case.
“SEBI has completed the investigation on 20 of the 22 issues. We direct that the investigation of the remaining two issues be completed within three months. In exceptional circumstances, transfer of the investigation of the case should be considered. The investigation of the SEBI cannot be doubted considering the news coming in the newspapers. The news can be treated as inputs. But, they cannot be evidence that the investigation is not going on properly,” said a bench comprising Chief Justice of India Justice DY Chandrachud.
However, the Supreme Court has advised the SEBI and the government to take any measures to benefit Indian investors.