India’s Top Court orders swift conclusion of Adani Group Investigation
In a significant development, India’s Supreme Court has mandated the prompt conclusion of the investigation into the Adani Group by the country’s markets regulator within a three-month timeframe. The verdict, which came on Wednesday, brings relief to the billionaire conglomerate, with Adani expressing satisfaction as the court deemed it a triumph of “truth.”
The three-judge bench not only directed the expeditious completion of the probe but also asserted that no further investigations were deemed necessary. This decision marks a pivotal moment for the Adani Group, as it navigates through regulatory scrutiny.
Taking to X, Adani Group’s chair billionaire Gautam Adani said that the truth has prevailed. “ 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. Jai Hind,” he said.
India’s Securities and Exchange Board (SEBI) initiated an inquiry into the conglomerate following Hindenburg Research’s report in January of the previous year. Hindenburg released a report that alleged Adani improperly used tax havens, and also flagged concerns about high debt levels at the company.
Despite the company’s continued denial of any wrongdoing, the revelation triggered a substantial over $150 billion selloff in the conglomerate’s stocks. The stocks have since only recovered partially. The Adani group called the report baseless and termed the allegations “unsubstantiated speculations”.