Google search engine

Adani-Hindenburg row: “Truth has prevailed”, says Gautam Adani after SC ruling – World News Network

Date:

Ahmedabad (Gujarat) [India], January 3 (ANI): Adani Group Chairman Gautam Adani on Wednesday welcomed the ruling of the Supreme Court declining to transfer the probe into the Adani-Hindenburg matter from market regulator SEBI to a SIT (Special Investigation Team) or the CBI.
Adani tweeted saying that the judgement shows that truth has prevailed and said he was grateful to those who stood by the Adani Group.
“Satyameva Jayate. I am grateful to those who stood by us,” he posted on X.
“Our humble contribution to India’s growth story will continue,” the X post added.
Adani-Hindenburg row: "Truth has prevailed", says Gautam Adani after SC ruling - World News Network
In a relief to the Adani group of companies, a bench of Chief Justice of India DY Chandrachud, PS Pardiwala and Manoj Misra said the scope of power of the apex court to enter into the regulatory domain of SEBI is limited.
It said the scope of judicial review is only to see whether any fundamental right has been violated.
The verdict of the top court came on a batch of petitions seeking a court-monitored investigation or CBI probe into the allegations made by US-based firm Hindenburg Research against the Adani group of companies regarding violations of the stock market.
The bench said there has been no regulatory failure by SEBI and the market regulator cannot be expected to carry on its functions based on press reports though such reports can act as inputs for SEBI.
The top court also asked SEBI to complete within three months its probe into two cases pending out of 24 cases.
The case is related to the allegations (part of a report by short-seller Hindenberg Research) that Adani had inflated its share prices. After the publication of these allegations a sharp fall in the share value of various Adani companies, reportedly to the tune of USD 100 billion was seen.
The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
Various petitions were filed alleging that changes to the Securities and Exchange Board of India Act (SEBI Act) had provided a shield and an excuse for the Adani Group’s regulatory contraventions and market manipulations to remain undetected.
The apex court then asked SEBI to independently probe the matter and also constituted an expert committee headed by retired Supreme Court judge Justice AM Sapre to look into the matter.
In May last year, the expert committee, in its report, found no prima facie lapse on the part of the SEBI in the matter.
While reserving the verdict, the Supreme Court said it has no reason to “discredit” SEBI, which probed allegations against the Adani group, as there was no material before it to doubt what the market regulator has done, and the court does not have to treat what was set out in the Hindenburg report as a “true state of affairs.”.
It had been observed that it cannot ask a statutory regulator to take as a “gospel truth” something that was published in the media.
Advocate Prashant Bhushan, appearing for one of the petitioners, had told the apex court that there were many factual revelations in the Hindenburg report.
He said it was for the top court to see whether the investigation done by the SEBI was credible or not and whether some other independent organisation or an SIT needed to be formed to investigate it. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News


Paris Appreciation Awards

Read More

World Polls

Read More

Short News

Read More

Indian Bureaucrats

Read More

World Talent Management

Read More

World Brand Ambassadors

Read More

Film Critics

Read More

Influencers

Read More

Video Press Release

Read More

podcasts Press Release

Read More

Social Media

Read More

Colleges Press Release

Read More

Business Press Release

Read More

Critics Press Release

Read More

Fashion Marketing Press Releases

Read More

Gaming Press Release

Read More

Finance Press Release Distribution

Read More

Creative Press Release

Read More

Animals Press Release

Read More

Tech News Press Release

Read More

Cryptomarket Press Release

Read More

Fitness News Press Release

Read More

Gadgets Press Release

Read More

Gardening Press Release

Read More

Stockmarket Press Release

Read More

Product Reviewers and Marketing

Read More

Crypto Press Release Distribution

Read More

Film Festivals Marketing

Read More

India Real Estate Marketing

Read More

Indian Medical Tourism

Read More

Travel Marketing Press Release

Read More

Health Marketing Press Release

Read More

Events Marketing Press Release

Read More

Restaurants Marketing Press Release

Read More

City Business Listing

Read More

World Import Export

Read More

PR Franchise

Read More

Radio Press Release Distribution

Read More

Movies Distribution

Read More

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

“Multiple casualties reported,” says Australian PM after stabbing attack in Sydney shopping mall – World News Network

Australian Prime Minister Anthony Albanese expressed his heartfelt condolences to those affected by the unfolding tragedy and said, "Our hearts go out to those injured" at Bondi Junction on Saturday.

Prof Mona Maron appointed first Arab rector of an Israeli university – World News Network

A world-renowned researcher in the field of neuroscience and post-trauma, Maron will replace Prof. Gur Alroey, who in October will become the university president.

UN Chief appoints Muhannad Hadi as new Deputy Special Coordinator for Middle East Peace – World News Network

United Nations Secretary-General Antonio Guterres announced today the appointment of Muhannad Hadi of Jordan as his new Deputy Special Coordinator and Resident Coordinator, Office of the United Nations Special Coordinator for the Middle East Peace Process (UNSCO).

Pakistan: Gunmen abduct, kill 9 bus passengers after checking ID cards – World News Network

Some unidentified gunmen shot dead at least nine people hailing from Punjab after abducting them from a passenger bus in Noshki, officials said. Another attack on a separate vehicle killed one person and injured four

Paris Appreciation Awards

Read More

World Polls

Read More

Short News

Read More

Indian Bureaucrats

Read More

World Talent Management

Read More

World Brand Ambassadors

Read More

Film Critics

Read More

Influencers

Read More

Video Press Release

Read More

podcasts Press Release

Read More

Social Media

Read More

Colleges Press Release

Read More

Business Press Release

Read More

Critics Press Release

Read More

Fashion Marketing Press Releases

Read More

Gaming Press Release

Read More

Finance Press Release Distribution

Read More

Creative Press Release

Read More

Animals Press Release

Read More

Tech News Press Release

Read More

Cryptomarket Press Release

Read More

Fitness News Press Release

Read More

Gadgets Press Release

Read More

Gardening Press Release

Read More

Stockmarket Press Release

Read More

Product Reviewers and Marketing

Read More

Crypto Press Release Distribution

Read More

Film Festivals Marketing

Read More

India Real Estate Marketing

Read More

Indian Medical Tourism

Read More

Travel Marketing Press Release

Read More

Health Marketing Press Release

Read More

Events Marketing Press Release

Read More

Restaurants Marketing Press Release

Read More

City Business Listing

Read More

World Import Export

Read More

PR Franchise

Read More

Radio Press Release Distribution

Read More

Movies Distribution

Read More

Send this to a friend