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SC rules out any more probes against Adani
Sets 3-month deadline for SEBI to finish investigation
New Delhi: In a big relief to the embattled Adani Group, the Supreme Court on Wednesday ruled that the fraud allegations against the apples-to-airport conglomerate do not need more probes either by a special investigation team or CBI, as it gave capital market regulator SEBI three more months to conclude its over two-year-old investigation.
Disposing of pleas seeking a third-party investigation into allegations of accounting fraud and stock manipulation levelled by US short seller Hindenburg Research, a three-judge bench of the top court comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra, said SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence". The apex court had originally on May 17 directed SEBI to complete a probe into two-dozen cases against the Adani group by August 14, 2023. In August that year, SEBI had sought 15 more days to complete the investigation into seven of the 24 issues that remained pending. In November last year, SEBI told the court it will not seek any extension and that its investigation into 22 issues was complete.
On Wednesday, the Supreme Court asked the market regulator to wrap up the two pending investigations expeditiously, preferably within three months. Rejecting the pleas brought by public interest litigants, it said, the facts of this case "do not warrant" ordering an investigation by an SIT or CBI even though the court had the powers to transfer the probe.
Adani Group chairman Gautam Adani, who was the world's second-richest man at the start of 2023 and saw almost USD 60 billion of his personal wealth erased after the damning Hindenburg report, cheered the verdict, saying "truth" has prevailed.
Stocks of his group companies surged 4.4 per cent in trade or about Rs 64,000 crore following the judgment, taking market capitalisation of the 10 listed firms to Rs 15.1 lakh crore. But the market cap is below the previous record of Rs 19.23 lakh crore, reached before the Hindenburg Research report was published on January 24, 2023.
