KEY HIGHLIGHTS
Key Highlights Of Supreme Court Verdict In Adani-Hindenburg Case
Limited power of Supreme Court to enter into the regulatory policy of SEBI.
No valid grounds to revoke amendments to FPI regulations.
SEBI to conclude remaining investigations within three-months.
SEBI should take its investigations to the logical conclusion in accordance with law.
The facts of this case do not warrant the transfer of investigation from SEBI to either SIT or CBI.
Petitioners reliance on DRI letter is misconceived as the issue has already been settled.
The allegation of conflict of interest against members of the Committee are unsubstantial, unsubstantiated and addicted.
The Union Government and SEBI shall constructively consider the suggestions of the expert Committee.
SEBI and Union government to probe whether the losses to investors due to short selling involved any infraction of law.
Truth Has Prevailed: Gautam Adani
"The Hon'ble Supreme Court's judgement shows that: Truth has prevailed," Adani Group Chairman Gautam Adani said in a social media post after the Supreme Court verdict.
"I am grateful to those who stood by us. Our humble contribution to India's growth story will continue," Adani said.
Adani Group Stocks Rally After Supreme Court Clean Chit
Shares of Adani group companies rose after the Supreme Court verdict on the Adani Group-Hindenburg Research case.
Adani Energy Solution Ltd. led gains after the stocks surged over 14%, followed by Adani Total Gas Ltd. which was over 11%. Adani Ports and Special Economic Zone Ltd. and Ambuja Cements Ltd. were at 52-week high.
Adani Group stocks added as much as Rs 1.18 lakh crore in investor wealth, taking the conglomerate's total market capitalisation to as high as Rs 15.62 lakh crore, intraday, the highest since Jan. 27, 2023
As of 10:44, the shares added Rs 72,402 crore in market value at a market capitalisation of Rs 15.18 lakh crore.
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Dark Clouds Over For Adani Group: Deven Choksey
Supreme Court has very clearly trusted SEBI, says Deven Choksey.
"Dark cloud is over for Adani Group now," says Choksey. "Can now look at business outlook of Adani Group with confidence."
"On paper even if valuations look expensive, don’t think Adani Group is expensive. Adani Ports is likely to continue its growth story. Size of potential for renewable energy bodes well for Adani Green," he says.
Need For Deterrence Against Global Speculators: Abhay Agarwal
"There needs to be some deterrence against global speculators," says Abhay Agarwal. "Glad that Hindenburg has met their match in the Adani Group."
"Glad that the lending cycle didn't break, no one tried to pull capital. Good news for Indian infrastructure development," says Agarwal.
Wholesome Victory For Adani Group: Sandeep Luthra
Supreme Court has said it is not in the domain of the court to step into the functioning of regulators, says Sidharth Luthra. "Investigation report of the SEBI has been accepted. Alternative report relied upon by the petitioners has not been accepted."
"It is a wholesome victory for Adani Group. It is a major shot in the arm for the Adani Group," says Luthra.
Hindenburg Simply Chronicled Various News Articles: JN Gupta
"The Supreme Court should fine the people who have wasted its time," says JN Gupta. "The Hindenburg has simply chronicled various newspaper articles."
Supreme Court Did Not Entertain Conflict Of Interest Charges
The allegations of conflict of interest of expert committee not entertained by Supreme Court, says Sandeep Parekh.
Court Deferred To Wisdom Of SEBI: Sandeep Parekh
Sandeep Parekh says
"The Supreme Court has deferred to the wisdom of the regulator," says advocate Sandeep Parekh. "Supreme Court believes that SEBI will take investigations into logical conclusion."
SC Disposes Of Plea In Adani-Hindenburg Case
The Supreme Court disposes of the petition in Adani-Hindenburg case.
Present Strong Evidence For Transfer Of Probe To CBI: SC
"Court does have the power under Article 32 to transfer an investigation from an agency to CBI, etc. However, this must take place in extraordinary circumstances. This should not be exercised ordinarily. The petitioners must present strong evidence for the court to take such a step," says the Supreme Court
Watch The Hearing Live:
Expert Panel Misinterpreted SEBI's Use Of 'Opaque': SC
SEBI's use of the term ‘opaque’ misinterpreted by the expert committee, says Supreme Court.
-FPI regulations didn't prohibit opaque structures, and beneficial owners could be identified.
-Mandatory upfront disclosures omitted opaque structures in 2019
Supreme Court Rejects Reliance On OCCPR Report
Supreme Court rejects reliance on OCCPR report.
-Third-party organisation's report considered unreliable without verification.
Threshold For Transfer Of Probe To CBI Not Been Made Out: SC
Threshold for a transfer of investigation has not been made out, rules Supreme Court.
-Petitioners reliance on DRI's letter is inconclusive.
-Allegations of conflict of interest against members of expert committee are not sustainable.
SEBI To Conclude Probe In Three Months
Supreme Court directs SEBI to conclude rest of the probe in three months.
-SEBI has completed 22 our 24 allegations, the court says.
-Direct SEBI to conclude probe in the rest of the two matters in three months.
Supreme Court Upholds SEBI Amendments To FPI Rules
Do not find any reason to interfere with SEBI’s powers, says CJI DY Chandrachud.
- No valid grounds to ask SEBI to do away with FPI rules, says Supreme Court.
-The regulations are considered sound without any flaws, the bench said.
Adani Stocks Rise Ahead Of Verdict
Share of Adani group stocks rose ahead of the Supreme Court verdict on the Adani Group-Hindenburg Research.
Adani Total Gas Ltd. and Adani Energy Ltd. led the gains as the stock was up over 8%, while Adani Green Energy Ltd. jumped nearly 6%.
Adani Group stocks added as much as Rs 89,592.06 crore in investor wealth, taking the conglomerate's total market capitalisation to as high as Rs 15.34 lakh crore, intraday.
As of 9:21, the shares added Rs 65,476 crore in market value at a market capitalisation of Rs 15.09 lakh crore.
On Wednesday, the Supreme Court is set to announce its verdict in four public interest petitions filed after Hindenburg Research's report and Adani Group's counter in January.
During the last hearing In November, the top court had expressed confidence in the regulator and dismissed allegations doubting SEBI's role in the investigation.
Supreme Court To Pronounce Verdict At 10:30 AM
The Supreme Court will pronounce its judgment in the Adani Group-Hindenburg Research case on Wednesday.
After numerous proceedings, the top court had reserved its decision in the case late last year.
The Story So Far
After Hindenburg Research's report and Adani Group's counter in January, four public interest petitions were filed before the apex court. The PILs had broadly asked for directions regarding allegations against the Adani Group.
On March 2, the Supreme Court directed SEBI to look into any disclosure breach and possible price manipulation of Adani stocks, in violation of existing laws.
The regulator was directed to submit its report within two months, but in April, SEBI made submissions before the apex court asking for six months to conclude its investigation.
The court, however, had granted time only till Aug. 14.
Since the markets regulator required more time to complete the investigation, it filed an application before the court on Aug. 14, asking for 15 additional days.
As per SEBI's last status report, which was submitted to the court on Aug. 25, the regulator had wrapped up its investigation in 22 of the 24 matters.
The Supreme Court had also set up an independent committee headed by Justice (retired) Abhay Manohar Sapre. Other members of the committee included OP Bhat, KV Kamath, Nandan Nilekani, Somashekhar Sundaresan, and retired Justice JP Devadhar.
The committee had submitted its report before the top court in May, wherein it said that a conclusion with regards to a regulatory failure by SEBI could not be ascertained at the time.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
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