Adani Group Welcomes Supreme Court’s Probe Order, Gautam Adani Says “Truth Will Prevail”
On Thursday (March 2), Gautam Adani, the Chairman of the Adani Group, welcomed the Supreme Court’s order regarding the Adani-Hindenburg case. Adani has been denying all the allegations made by the US-based short seller and has now said that eventually, the truth will come out.
“The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail,” he said soon after the apex court passed the order.
The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.
— Gautam Adani (@gautam_adani) March 2, 2023
Gautam Adani
Chairperson of Adani Group
- Born: 24 June 1962 (age 60 years), Ahmedabad
- Net worth: 3,750 crores USD (2023) Forbes
- Children: Karan Adani, Jeet Adani
- Spouse: Priti Adani
- Organizations founded: Adani Enterprises, Adani Group, MORE
- Grandchild: Anuradha Karan Adani
- Full name: Gautam Shantilal Adani
Previously, Adani also denied the Hindenburg report, stating that the short-seller would benefit from the crash of the conglomerate’s stocks. In response to the allegations made by Hindenburg, the group released a 413-page response.
After hearing PILs on the Adani-Hindenburg case, the Supreme Court ordered the market regulator Securities and Exchange Board of India (SEBI) to conduct an inquiry to find out whether the group violated market norms and whether the stock was manipulated. The regulator has been asked to submit its report within 2 months.
In addition, the Supreme Court has formed an expert committee to review the current framework to protect Indian investors. The committee, headed by former Justice AM Sapre, includes OP Bhatt, Justice KP Devdatt, KV Kamath, Nandan Nilekani, and Somasekhar Sundaresan.
Advocate Manohar Lal Sharma filed one of the pleas, which urged SEBI to register an FIR against Hindenburg and its founder Nathan Anderson and conduct an investigation. Another plea was filed by Advocate Vishal Tiwari, who called for a committee led by a retired Supreme Court judge to investigate the Hindenburg report and the creation of a specialized committee.
Congress leader Jaya Thakur filed a petition seeking the prosecution of the Adani conglomerate and questioning the alleged inflated prices at which the State Bank of India (SBI) and Life Insurance Corporation (LIC) invested in the company.
The Hindenburg report, published on January 24, had accused the Adani group of stock manipulation and accounting fraud over the course of several decades. Although Adani denied all the allegations, the report caused a significant stock rout in the group’s companies, resulting in a loss of nearly $150 million in market valuation as of Monday (February 27).
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