Hindenburg row: Gautam Adani says truth has prevailed

PTI, Jan 3, 2024, 11:52 AM IST

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Billionaire Gautam Adani reacting to the Supreme Court judgment on allegations levelled by a US short-seller against his conglomerate, said on Wednesday that truth has prevailed and his group would continue to contribute to India’s growth story.

The Supreme Court on Wednesday ruled that there was no ground to order an investigation by a SIT or CBI into allegations against the Adani group, and that capital market regulator SEBI must conclude its probe within three months.

”The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate,” Adani said in a post on X, formerly known as Twitter. ”I am grateful to those who stood by us.” ”Our humble contribution to India’s growth story will continue. Jai Hind,” he said.

A three-judge bench of the top court, headed by the Chief Justice of India D Y Chandrachud, asked 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.