Supreme Court Puts Adani Group In The Clear, Say Experts
The highest court of the land found no reasons to meddle with powers of the Securities and Exchanges Board of India in the Hindenburg case.
The allegations made by U.S.-based short-seller Hindenburg and others against Adani Group have been put to rest by the Supreme Court on Wednesday, experts told NDTV Profit.
The highest court of the land found no reasons to meddle with powers of the Securities and Exchanges Board of India in the Hindenburg case.
Chief Justice of India DY Chandrachud said that the petitioners seeking to investigate allegations raised by the short seller could not submit enough material to transfer the Adani-Hindenburg probe to a special investigation team.
Sandeep Parekh, founder, Finsec Law Advisors, noted that the court has deferred to the expert regulator in the matter. "As far as SC goes, nothing is pending with them. If SEBI has found any violations it will send show cause notices," Parekh said.
Supreme Court Senior Advocate Siddharth Luthra believes that the judgment is a "major shot in the arm" for Adani Group. "Supreme Court has accepted findings on 20 allegations raised against Adani Group. They have asked for further investigation for the remaining two," Luthra said.
According to JN Gupta, managing director, Stakeholders Empowerment Services, the court should fine those who wasted its time. "After a year we come to a conclusion that there was no smoke or fire or coal even."
