The Supreme Court (SC) on Wednesday pronounced its verdict on a batch of petitions related to the Adani-Hindenburg case, with shares of Adani group companies sustaining their early gains on favourable outcome. The apex court rejected the reliance on OCCPR report and any third party organisation, saying such reports without any verification cannot be relied upon as a proof. The SC said the market regulator has completed its probe into 22 out of 24 allegations and that it directed Sebi to complete the remaining two cases within three months.
Adani Energy Solutions Ltd, Adani Enterprises Ltd, Adani Total Gas Ltd, Adani Green Energy Ltd, Adani Ports & Special Economic Zone Ltd (Adani Ports), Adani Wilmar Ltd and Adani Power Ltd gained up to 10 per cent. Ambuja Cements Ltd, ACC Ltd and NDTV Ltd also jumped. With this, the Adani group market capitalisation (m-cap) topped the Rs 15 lakh crore mark. This is against Rs 14.46 lakh crore m-cap level the group commanded in the previous session. This is still quite away from Rs 19.2 lakh crore market cap that 10 of the listed Adani group companies commanded on the day Hindenburg Research came out with its scathing report last year.
Adani-Hindenburg Case Verdict Live: SC says no ground to order SIT or CBI probe
The SC said allegations against the members of the expert committee are unsubstantiated and that there is no ground to transfer the probe in the case. This can only be raised if there is willful or deliberate violation of the rules, the court said.
The SC said the court does have the power under sections 32 and 142, but such powers should be used wisely to order any investigation and that petitioners must place strong evidence to do so. It noted that 22 final investigation are approved and one interim report is placed. Sebi should take logical conclusions in the case in accordance with the law, the SC said.
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