“Supreme Court Challenges Allegations Against Adani Group, Seeks Evidence Amidst Soros-Linked Report”
The Supreme Court scrutinizes accusations against the Adani Group, demanding evidence amidst a case linked to a George Soros-funded report. Chief Justice DY Chandrachud questions the reliance on foreign reports and seeks concrete proof, highlighting concerns over influencing Indian policies based on external narratives. The article covers the Court’s queries, SEBI’s dismissal of the report, and the committee’s findings exonerating the Adani Group.
The Supreme Court confronted pivotal questions today concerning allegations against the Adani Group, challenging the validity of claims tied to a report backed by billionaire George Soros. Chief Justice DY Chandrachud raised significant doubts regarding the reliance on foreign reports and emphasized the necessity for substantial evidence to support the accusations.
“Why must we accept foreign reports as absolute truth? We aren’t disregarding the report, but we demand proof. So, what evidence substantiates allegations against the Adani Group?” Chief Justice Chandrachud queried the petitioner’s counsel, Prashant Bhushan.
Expressing skepticism, Chief Justice Chandrachud remarked, “A publication’s work can’t be treated as an unquestionable truth.”
The Organised Crime and Corruption Reporting Project (OCCRP), funded by George Soros, alleged insider trading within the Adani Group involving two foreign investors. Dismissing these as “recycled allegations,” the Adani Group denounced this as a concerted effort supported by a segment of foreign media to resurrect the “baseless Hindenburg report.”
India’s capital markets regulator, SEBI, also discredited the report, terming it unreliable due to its source as a “foreign non-profit (NGO).”
Solicitor General Tushar Mehta, representing SEBI, highlighted concerns about foreign reports influencing Indian policies, stating, “What will our agencies do if we act on such reports? There is a new trend of influencing Indian policies by foreign reports.”
The Supreme Court directed SEBI to investigate possible violations pre- and post-publication of the Hindenburg report. SEBI has examined 22 out of 24 suspected transactions, awaiting information from overseas agencies for the remaining two.
Additionally, the Court refuted arguments challenging the credibility of a court-appointed committee that absolved the Adani Group. Dismissing doubts about committee members’ connections to the conglomerate, the Court emphasized fairness in accusations and cautioned against baseless allegations.
The committee’s report, submitted in May, absolved the Adani Group of regulatory failure, price manipulation, and reassured retail investors during market volatility following the Hindenburg report.
The Court’s scrutiny underscores the need for concrete evidence amid contentious allegations, casting a spotlight on the credibility and influence of foreign reports in Indian regulatory proceedings.
Sources By Agencies
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