Gautam Adani, Billionaire Entrepreneur, Applauds Supreme Court Verdict Favoring Him Against Hindenburg Allegations
Gautam Adani of India swiftly celebrated the nation's highest court ruling on Wednesday, dismissing a plea for an independent inquiry into allegations by New York-based activist Hindenburg Research.
Adani expressed his joy on X, formerly Twitter, saying, "Truth has triumphed—Satyameva Jayate (Truth triumphs). I am thankful to those who supported us. Our modest contribution to India's growth narrative will persist. Jai Hind (Long live India)." Adani, known for invoking nationalist sentiments in defence of his Adani Group against accusations of widespread fraud by U.S. short-sellers, welcomed the court's decision.
The Hon'ble Supreme Court's judgement shows that:— Gautam Adani (@gautam_adani) January 3, 2024
Truth has prevailed.
I am grateful to those who stood by us.
Our humble contribution to India's growth story will continue.
His remarks came in the wake of the Supreme Court's directive for the country's markets regulator to conclude its investigation into the Adani Group within three months, ruling that further probes were unnecessary. The Securities and Exchange Board of India (SEBI) has already completed its examination of 22 out of 24 allegations against the Adani Group.
The court expressed confidence in SEBI's investigation, highlighting its limited authority within the regulatory domain. Additionally, the Supreme Court dismissed claims of any conflict of interest regarding the court-appointed expert committee, deeming them "unsubstantiated." Furthermore, it urged India's government and SEBI to heed the recommendations of the expert committee to safeguard the interests of Indian investors.
This verdict was delivered nearly a year after Hindenburg Research published its report, alleging accounting fraud and stock manipulation by Adani's extensive conglomerate, which has diverse interests spanning ports, airports, power generation and transmission, and green energy, among other sectors.