The Supreme Court has refused SIT probe into Adani-Hindenburg row. The apex court endorsed the SEBI probe, per a report by Live Law. The SC said the facts of case do not warrant transfer of probe to SIT or other agency.
A Bench comprising Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra pronounced its verdict.
According to Reuters, the court directed SEBI to complete its investigation within three months.
The Chief Justice of India said, “Reliance on newspaper reports and third party organisations to question the statutory regulator does not inspire confidence. They can be treated as inputs but not conclusive evidence to doubt SEBI probe.”
“The Govt of India and the SEBI to look into if there is any infraction of law by the Hindenburg report on short selling and if so, take action in accordance with law, the CJI said.
Chief Justice DY Chandrachud further observed that the power to transfer investigation must be exercised in exceptional circumstances. Such powers cannot be exercised in the absence of cogent justifications, per the Live Law report.
Taking to X (formerly Twitter) Adani Group Chairman Gautam Adani said, “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,” he added.