In a landmark decision on Wednesday, the Supreme Court of India upheld the Securities and Exchange Board of India’s (SEBI) findings in the Adani-Hindenburg case, dismissing a petition seeking a separate probe into the allegations levelled by the US-based short-seller Hindenburg Research. The court’s decision reinforces SEBI’s investigation, which cleared the Adani Group of any wrongdoing in 22 out of 24 transactions examined.
Hindenburg’s report, published in January 2023, sparked significant controversy, alleging financial irregularities and stock manipulation within the Adani Group. The report triggered a massive sell-off, causing Adani’s stock prices to plummet and raising concerns about investor confidence in the Indian market.
Following the report, SEBI initiated a thorough investigation into the allegations. The Supreme Court, in its judgment, acknowledged the comprehensiveness of SEBI’s probe and stated that the evidence presented did not warrant the constitution of a separate Special Investigation Team (SIT) as requested by the petitioners.
This verdict comes as a significant relief for the Adani Group, which has been battling the allegations for over a year. The court’s decision to uphold SEBI’s findings restores confidence in the regulatory body’s ability to investigate and address concerns within the Indian financial market.
However, the two remaining cases under SEBI’s purview continue to be under investigation. The court has directed SEBI to complete these investigations within three months, ensuring a swift resolution to the remaining questions surrounding the Adani Group’s financial practices.
Overall, the Supreme Court’s decision upholds the integrity of SEBI’s investigation and provides a degree of closure to the Adani-Hindenburg saga. While the remaining two cases remain under scrutiny, the court’s verdict serves as a significant validation of SEBI’s role in safeguarding investor interests within the Indian market.
Last Updated on: Wednesday, January 3, 2024 7:06 pm by Navaneeth Mandala | Published by: Navaneeth Mandala on Wednesday, January 3, 2024 7:06 pm | News Categories: Business, India
About Us: News Pixel covers the latest News on Current News, Business, Sports, Tech, Entertainment, Lifestyle, Automobiles, and more, led by Editor-in-Chief Ankur Srivastava. Stay connected on Facebook, Instagram, LinkedIn, X (formerly Twitter), Google News, and Whatsapp Channel.
Disclaimer: At News Pixel, we are committed to providing accurate, reliable, and thoroughly verified information, sourced from trusted media outlets. For more details, please visit our About, Disclaimer, Terms & Conditions, and Privacy Policy. If you have any questions, feedback, or concerns, feel free to contact us through email.
Contact Us: anishsri015@gmail.com
About The Author
