Adani-Hindenburg case: Congress finds SC verdict ‘extraordinarily generous’, vows to fight crony capitalism

livemint.com:

NEW DELHI : The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be "extraordinarily generous" to SEBI and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue. In a relief to the Adani Group, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Indian corporate giant to a special investigation team and directed market regulator SEBI to complete its probe into two pending cases within three months.

Reacting to the judgement, billionaire Gautam Adani said, "The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate." In a statement on the judgement, Congress general secretary in-charge communications Jairam Ramesh hit out at Adani, saying "truth dies a thousand deaths when we hear Satyameva Jayate from those who have gamed, manipulated and subverted the system this past decade".

Ramesh said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven "extraordinarily generous" to the Securities and Exchange Board of India (SEBI), not least by extending its original investigation deadline of August 14, 2023 by another three months to April 3, 2024. It is noteworthy that SEBI has "failed" to complete its investigation into the violation of securities laws and stock manipulation by the Adani Group and its associates ten months after the Supreme Court's expert committee asked it to do so, Ramesh said.