SC backs Sebi inquiry into Adani, rejects any other
Hindenburg Research's allegations of fraud, misgovernance and stock price manipulation.
It said the Securities and Exchange Board of India (Sebi) was conducting a «comprehensive investigation» that «inspires confidence.»
It asked the regulator to complete investigation within three months. Sebi has, so far, completed its Supreme Court-ordered probe into 22 of 24 items.
The apex court also asked the Centre and Sebi to constructively consider suggestions of the six-member expert committee headed by former Supreme Court judge AM Sapre, and take further action to strengthen the regulatory framework, protect investors and ensure the orderly functioning of the securities market.
That panel was set up on March 2 by the court to check for any regulatory failures by Sebi or breach of laws by Adani Group.
Adani Group chairman Gautam Adani welcomed the court's decision.
«Truth has prevailed… Satyameva Jayate,» he posted on social media platform X. «I am grateful to those who stood by us… Our humble contribution to India's growth story will continue.»
Status Report Does Not Indicate Inaction, says Court
A bench comprising chief justice DY Chandrachud and justices JB Pardiwala and Manoj Misra said the case does not warrant a transfer of the investigation from Sebi to an SIT or CBI, as such powers must be exercised sparingly.
The regulator's investigation does not suffer from any infirmities, the judges observed.
«Such a power (transfer of probe) is exercised in extraordinary circumstances when the competent authority portrays a glaring, willful and deliberate inaction in carrying out the investigation,» the top court said in its 46-page judgment. «The threshold for the transfer of investigation has not been demonstrated to
