- By Abhirupa Kundu
- Wed, 03 Jan 2024 12:47 PM (IST)
- Source:JND
The Supreme Court on Wednesday refused to form any Special Investigation Team (SIT) or group of experts to conduct an investigation into the Adani-Hindenburg controversy and ruled that the case will not be transferred from the capital markets regulator SEBI.
Welcoming the decision of the apex court, Adani Group Chairman, Gautam Adani said 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. Our humble contribution to India's growth story will continue," he posted on social media platform 'X'
Here Are The Top Quotes By The Chief Justice Of India On The Adani-Hindenberg Case:
- "SEBI should take its investigation to its logical conclusion in accordance with law. The facts of this case do not warrant a transfer of investigation from SEBI," CJI DY Chandrachud said.
-"The government of India and the SEBI to look into if there is any infraction of law by the Hindenburg report on short selling and if so, take action in accordance with law."
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-"SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of the Solicitor General, we direct the SEBI to complete the investigation in the other two cases within three months."
-"The power to transfer investigation must be exercised in exceptional circumstances. Such powers cannot be exercised in the absence of cogent justifications."
-"Reliance on newspaper reports and third-party organisations to question the statutory regulator does not inspire confidence. They can be treated as inputs but not conclusive evidence to doubt SEBI probe."
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.
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.
