SC Says no to probe in Adani-Hindenburg case by SIT

SC says it can't trust OCCRP report supported by George Soros

It was hearing four petitions claiming rigging of share prices

In a massive relief for Gautam Adani, India’s top court ruled out the possibility of asking a Special Investigation Team (SIT) to probe the Adani-Hindenburg case. In effect it means that the apex court has upheld the Securities and Exchange Board of India (Sebi) probe into the Adani-Hindenburg case.

It also noted that the Organised Crime and Corruption Reporting Project (OCCRP), led by George Soros can’t be the basis for doubting SEBI.

Four petitions were filed against Adani-Hindenburg against manipulation of stock price.

The bench hearing the petitions consisted of Chief Justice DY Chandrachud and justices JB Pardiwala and Manoj Misra.

Interestingly, the top court also advised lawyers filing PILs not to rely on unverified reports and to do a complete research on any subject before approaching the judiciary.

What were the pleas? 

The pleas claimed that the Adani Group is close to the Modi government and that it had inflated share prices. And as the Hindenburg report was submitted, the share prices fell sharply.

Minutes after the important judgement, Gautum Adani put out a tweet, asserting ‘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.

— Gautam Adani (@gautam_adani) January 3, 2024