SC dismisses SIT in Adani-Hindenburg case; Directs SEBI to complete probe within 3 months

Gautam Adani, the chairman of Adani Group, expressed gratitude following the Supreme Court's verdict on the Adani-Hindenburg case.The apex court upheld the Securities and Exchange Board of India (SEBI) probe, dismissing the need for a Special Investigation Team (SIT).

In a tweet, Gautam Adani stated, "Truth has prevailed. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. This comes after a bench comprising Chief Justice DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Misra rejected the SIT probe and affirmed SEBI's ongoing investigation.

The Supreme Court, in its judgment, highlighted the importance of relying on concrete evidence, stating that depending solely on newspaper reports and third-party organizations to question the statutory regulator (SEBI) lacks reliability. The court emphasized that such sources can be considered as inputs but not as conclusive evidence.

"Cannot enter into the domain of the regulatory regime and that the report by Hindenburg or anything like that cannot become the basis of a separate probe", the court said. 

Further it directed the Securities and Exchange Board of India (Sebi) to continue its probe as per the law and complete it within 3 months.