Adani Group chairman, Gautam Adani, expressed his gratitude and welcomed the Supreme Court's verdict on the Hindenburg row, considering it a triumph of truth. In a post on X (formerly Twitter), Mr. Adani thanked those who stood by the conglomerate during this period.
The Supreme Court's ruling emphasized that the report by George Soros-led OCCRP could not be the basis for casting doubt on the Securities and Exchange Board of India's (SEBI) investigation into the Hindenburg case. Mr. Adani, acknowledging the judgment, stated, "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."
The Supreme Court bench, led by Chief Justice DY Chandrachud and justices JB Pardiwala and Manoj Misra, concluded that there were no grounds to transfer the probe to a special investigation team (SIT).
SEBI, which has already investigated 22 out of the 24 cases linked to Hindenburg Research's allegations, has been given three months by the Supreme Court to complete the investigation in the remaining two cases.
Despite the challenges faced following the allegations by Hindenburg Research, the Adani Group has demonstrated resilience and marked a strong comeback. Additionally, the Supreme Court's directive instructing the government and SEBI to scrutinize Hindenburg's adherence to market shorting rules reflects another significant win for the conglomerate.