Adani-Hindenburg Case Verdict: The top court said that the allegations against the group have already been rejected by itself and the Customs, Excise & Services Tax Appellate Tribunal (CESTAT).
Adani-Hindenburg Case Verdict: The Supreme Court on Wednesday allowed capital market regulator Securities and Exchange Board of India (SEBI) to continue investigating the Adani-Hindenburg matter while stating that there are no questions about the functioning of the regulator.
The apex court also said that the matter will not be referred to a Special Investigation Team (SIT).
All of the Adani group stocks were in the green minutes after the development.
The top court said that the expert group did not find any discrepancies in the probe conducted by Securities and Exchange Board of India.
The bench, headed by Chief Justice DY Chandrachud, also said that it cannot regulate SEBI’s power of investigation, stating that the court has limited power to enter the regulatory domain of the agency.
The court was delivering its verdict on a batch of petitions on the Adani-Hindenburg row over allegations of stock price manipulation by the corporate giant.
Giving the regulator another three months to investigate the remaining two of the total 24 issues, the top court said the matter will not be referred to a Special Investigation Team (SIT).
The facts of the case do not warrant the transfer of the probe to Special Investigation Team or any other agency, the court held.
It directed agencies to probe any losses caused by the matter.
At 11 am, while Adani Enterprises shares were up 2.8 per cent, the stocks of Adani Ports, Adani Power, Adani Energy, Adani Green, Adani Total, Adani Wilmar, ACC, Ambuja and NDTV held on to the green with gains in the range of up to 9.8 per cent on the National Stock Exchange.
