New Delhi: Reacting to the Supreme Court judgement that refused to order an SIT probe into the allegations levelled by Hindenburg's report on his business group, Gautam Adani took to his X handle and said that "truth has prevailed".
According to the research report of US short-seller Hindenburg, the Adani group of companies has committed several stock price manipulations and accounting fraud. The report added that the key listed companies in the group had "substantial debt" which pushed the business conglomerate to an unstable financial footing.
Subsequently, PILs (Public Interest Litigation) were filed in the top court last year seeking a court-monitored probe into the Hindenburg allegations on the Adani group of companies. To that the Supreme Court on Wednesday ruled that there was no ground to order an investigation by a SIT (Special Investigation Team) or CBI (Central Bureau of Investigation) into allegations against the Adani group and that capital market regulator SEBI must conclude its probe within three months.
In response to the current court ruling, billionaire Gautam Adani said that truth has prevailed and his group would continue to contribute to India's growth story. "The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate," Adani said in a post on X. "I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind," he added.
A three-judge bench of the top court, headed by the Chief Justice of India D Y Chandrachud, asked the Securities and Exchange Board of India (SEBI) to complete its pending investigation within three months and said no more probes were needed, potentially drawing an end to the year-long saga triggered by Hindenburg Research's scathing report against the apples-to-airport conglomerate. Adani group has denied all allegations.
(With PTI inputs)
