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In a significant legal triumph, Gautam Adani, the visionary behind the Adani Group, welcomed the Supreme Court’s recent judgment, emphasizing the triumph of truth and affirming his commitment to India’s growth story.
Supreme Court Verdict and Rejection of Petitioners’ Demands
The Hon’ble Supreme Court rejected crucial demands from petitioners attempting to impede the ongoing SEBI investigation into allegations raised by Hindenburg Research. This marks a significant blow to those challenging the investigation, as the apex court dismissed reliance on a third-party report and expressed confidence in SEBI’s handling of the case.
Government and SEBI’s Role
The Supreme Court’s judgment urges the Government of India and the Securities and Exchange Board of India (SEBI) to scrutinize whether the Hindenburg report on short selling breaches any laws. If any infractions are identified, the judgment underscores the need for swift and appropriate legal actions.
Verdict Details and Bench Composition
Delivered on January 3, 2024, a bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra pronounced the judgment. The pleas, seeking examination of allegations of fraud against Adani Group in the Hindenburg Research report, claimed inflated share prices and subsequent sharp declines following the report.
Adani’s Gratitude and Commitment
Gautam Adani, expressing gratitude for the support received during this legal scrutiny, stated, “I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue.” This reaffirms Adani’s commitment to the nation’s progress and economic development despite challenges in the market.
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