The Adani-Hindenburg case was settled by the Supreme Court on Wednesday, January 3, 2024. Gautam Adani, the founder and chairman of the Adani Group, remarked “truth has prevailed” in response to the Supreme Court’s verdict in the Hindenburg case.
Adani tweeted, “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.”
In response to accusations of stock price manipulation by the Indian corporate behemoth, the Supreme Court on Wednesday gave SEBI three months to look into two of the four cases on a batch of petitions regarding the Adani-Hindenburg dispute. Adani had inflated its share prices, according to a section of a report published by short-seller Hindenberg Research.
Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Misra, and other members of the bench declared that they could not control SEBI’s investigative authority. The plea to launch a Special Investigation Team (SIT) or Criminal Bureau of Investigation (CBI) probe into the Adani-Hindeburg controversy was rejected by the Supreme Court on Wednesday. The Supreme Court ruled that the FPI regulations, which the Adani group is said to have used to support its stock prices prior to their collapse, are valid and that there is no basis for their repeal.
Soon after the verdict passed, twitter was floated with memes with #CleanChitToAdani questioning the credibility of reports doubting his business practices.
In January last year, the Adani group was charged with “brazen stock manipulation and accounting fraud scheme over the course of decades” by the Hindenburg report. The Organized Crime and Corruption Reporting Project (OCCPR) then made new accusations of stock manipulation against the Adani group in September.