Latest version: November 28, 2023, 1:35 PM IST
Adani Group stocks rose in morning trade after India’s Supreme Court observed that there was no reason to “disregard” market regulator Securities and Exchange Board of India’s (Sebi) probe against the group. The Supreme Court reserved its order on a batch of petitions related to the Adani-Hindenburg row after the hearing concluded on Friday.
The top gainer in the pack was Adani Total Gas which rose nearly 20 percent in early trade followed by Adani Energy Solutions which rose 13 percent. Nifty stocks Adani Enterprises and Adani Ports and Special Economic Zones also gained 4 percent and 3 percent respectively during this period.
A bench headed by Chief Justice of India DY Chandrachud reserved the judgment in the Adani-Hindenburg case. The apex court observed that capital markets regulator Sebi must complete investigations in 24 cases.
On August 25 the market regulator, Adani Group submitted an important status report on the probe into allegations of stock price manipulation in the Supreme Court. The report states that SEBI has completed investigations in 22 of the 24 cases.
What the Supreme Court Bench said-
- SEBI must complete the investigation in all 24 cases.
- We need not treat the Hindenburg Report as a statement of fact. There is no way to check the authenticity of the Hindenburg report and hence asked SEBI to investigate.
- There is some responsibility in making a complaint. It was about the petitioners telling the court that Someshekhar Sundaresan, recently elevated as an Additional Judge of the Bombay High Court, was a consultant to the Adani Group. The court also said that no lawyer can become a judge with this argument
- We didn’t hire judges, but industry veterans to bring problem-solving skills.
- Can SEBI be asked to disclose the findings before initiating proceedings under the Act? How can we pre-judge SEBI results?
- SEBI cannot be asked to take a story in a newspaper, even in the Financial Times, as gospel truth.
Where we collect the information from Source link
Disclaimer:- We include in each post a link to where each content on our website is collected from.If there is a complaint against any post please contact us directly.
Email: post-support.dailyfastnews24.com
You can also write on the popular online news portal dailyfastnews24.com. Writing topics feature, travel, lifestyle, career, IT, agriculture and nature. Send your entry today to [email protected]
advertisement:-If you would like to advertise on our website please contact us here.Our Ads team will contact you very soon.
Email: [email protected]
The cost of advertising:- 1 Post 100 USD Lifetime.
Thank you very much for visiting our website. Have a good day.