Gautam Adani, Chairman of the Adani Group, stated on Thursday that the conglomerate welcomes the Supreme Court's order on the Adani-Hindenburg case. Adani has been denying all the allegations made by the US-based short seller, and has now said that the truth will finally be revealed. 

“The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail,” he said soon after the apex court passed the order.

After hearing a bunch of PILs on the Adani-Hindenburg case, the Supreme Court ordered the market regulator Securities and Exchange Board of India (SEBI) to conduct an investigation to ascertain if the conglomerate violated market norms and whether there was stock manipulation.

The court also asked the regulator to submit its report within 2 months.

Moreover, the Supreme Court formed an expert committee to review the extant frame in order to protect Indian investors. The six-member committee will include OP Bhatt, Justice KP Devdatt, KV Kamath, Nandan Nilekani, Somasekhar Sundaresan and the panel will be headed by former Justice AM Sapre. 

Adani had earlier too denied the Hindenburg report and stated that the short-seller stood to gain by the crash of the conglomerate’s stocks. The group had also released a 413-page response to the allegations by Hindenburg. 

One of the pleas was filed by advocate Manohar Lal Sharma who sought directions to SEBI to enquire and register an FIR against Hindenburg, and founder Nathan Anderson. Another plea by Advocate Vishal Tiwari sought an inquiry into the Hindenburg report by a committee headed by a retired judge of the Supreme Court and the formation of a special committee. A petition by Congress leader Jaya Thakur sought prosecution of the Adani conglomerate, and also questioned State Bank of India (SBI) and the Life Insurance Corporation’s (LIC) investments in the company at alleged inflated prices.