Supreme Court’s Verdict On Adani Over Hindenburg Allegations Triggers Netizens: ‘Yeh Toh Hona He Tha’

The outcome of a petition filed before the Supreme Court demanding an investigation into allegations against Adani had been more or less predicted by many. The judgment was passed today, January 3, 2023, by the bench comprising of Chief Justice Chandrachud, Justices J.B. Paridwala, and Manoj Mishra. Making its stand clear, the top court dismissed the series of requests, emphasising that unproven media reports cannot serve as definitive proof. The court underscored its limited authorisation to step into SEBI's regulatory landscape, while it saw no rationale for moving the case from SEBI to SIT. The court subsequently instructed SEBI to conclude its investigation into the remaining two cases within the next quarter. The court also discarded the plea concerning possible conflicting interests among the members of the advisory committee. Responding to the much-awaited verdict, Gautam Adani acknowledged the triumph of truth while expressing gratitude to those who supported the group.

Less than a week ahead of India's 74th Republic Day, on January 24, 2023, Hindenburg, an American enterprise, released a damning report on Adani's alleged activities, alluding to the biggest corporate scam in world history. The unexpected ramifications of the report sent Adani, then the world's third-richest billionaire, spiralling down, erasing $60 billion from his wealth. Adani's wealth nosedived by almost Rs 4 trillion between January and June 2023, with a record $20.8 billion being wiped off in a day on January 27, 2023. Amid a slew of accusations including stock fraud and ones from SEBI, Adani thankfully received backing from a section of the Indian media and from the entire RW, who blamed George Soros for attempting to undermine India's prospering economy.

While the established media played sycophant, the unwilling Indian political opponents and a ragtag bunch of internet users found their suppressed voices echoed by Congress leader Rahul Gandhi and TMC’s Mohua Mitra. The subsequent turn of events for both is suggestive of the current state of Indian democracy and judiciary - put on hold. Netizens reacted to the final decision by the Supreme court as follows: "Does this imply that SEBI holds more power than the Supreme court? SEBI operates on corporate governance while the Supreme Court is controlled by the constitution. Judgement day isn't today but tomorrow! and "As for those who are going to create a new ruling to circumnavigate this decision, it won’t affect anyone."