SC verdict on Adani matter extraordinarily generous to SEBI: Cong

The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be “extraordinarily generous” to SEBI and asserted that the party’s fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.

In a relief to the Adani Group, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Indian corporate giant to a special investigation team and directed market regulator SEBI to complete its probe into two pending cases within three months.

Reacting to the judgement, billionaire Gautam Adani said, ‘The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate.’

In a statement on the judgement, Congress general secretary in-charge communications Jairam Ramesh hit out at Adani, saying “truth dies a thousand deaths when we hear Satyameva Jayate from those who have gamed, manipulated and subverted the system this past decade”.

Ramesh said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven “extraordinarily generous” to the Securities and Exchange Board of India (SEBI), not least by extending its original investigation deadline of August 14, 2023 by another three months to April 3, 2024.

It is noteworthy that SEBI has “failed” to complete its investigation into the violation of securities laws and stock manipulation by the Adani Group and its associates ten months after the Supreme Court’s expert committee asked it to do so, Ramesh said.

‘It is unclear what will change in the next three months other than the Model Code of Conduct for the Lok Sabha elections coming into effect,’ he said.

Meanwhile, a series of expos s from credible news sources has turned the glare on the Adani Group’s “illicit activities” conducted under SEBI’s “benign gaze”, Ramesh said.

In his statement, the Congress leader pointed out that the most recent revelations include the Organized Crime and Corruption Reporting Project revealing the actual ownership of two of the 13 benami shell companies that SEBI has failed to identify despite years of “investigation”.