In a win for the Adani Group, the Supreme Court today reposed faith in the capital markets regulator SEBI’s probe into the Hindenburg case and said the report by OCCRP – an organisation funded by billionaire George Soros, among others – can’t be the basis for doubting the investigation.
Former Additional Solicitor General Siddharth Luthra hailed the judgement saying that the law and the Securities and Exchange Board of India (SEBI) cannot be doubted.
“The Supreme Court today said that the Hindenburg reports are not true and there is no need for an SIT investigation,” Mr Luthra told NDTV.
He said that the court believes the allegations by US short-seller Hindenburg Research group against the Adani Group are not true and Sebi has given a clean chit to the conglomerate.
He also applauded the top court for not giving credence to a petition filed on newspaper reports.
The Supreme Court today also ordered the government and SEBI to check whether Hindenburg has ignored rules in shorting the market and to take action accordingly.
Mr Luthra said that many investors lost their wealth, and their homes due to the Hindenburg report.
“Many people’s homes have been destroyed. Who will compensate their loss,” the senior lawyer asked.
Today’s judgment reflected what the Supreme Court told lawyer Prashant Bhushan on November 24, that the Hindenburg allegations and the OCCRP report targeting the Adani Group cannot be treated as gospel.
“Reliance on newspaper reports and third-party organisations to question the statutory regulator (SEBI) does not inspire confidence. They can be treated as inputs. but not conclusive evidence to doubt SEBI’s probe,” the Supreme Court said today.
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