Adani Group Chairman Gautam Adani on Wednesday lauded the Supreme Court’s verdict that rejected the demand of a bunch of petitioners demanding an independent probe into the allegations levelled against the conglomerate in a report by US-based Hindenburg Research. Expressing gratitude to those who stood by him, Adani said that the group’s contribution towards India’s growth story will continue.

“The Hon’ble Supreme Court’s judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue. Jai Hind,” Adani posted on X.

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Adani’s remarks came after a three-judge bench of the Supreme Court held that it found no ground to transfer the investigation from SEBI to an SIT in the Adani-Hindenburg case. The court said that it is limited in its powers to enter the regulatory framework of SEBI. It also said that there were no valid grounds raised to direct SEBI to revoke its amendments on Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirement (LODR) regulations.

“The regulations do not suffer from any infirmities, the court ruled. “SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of Solicitor General, we direct the SEBI to complete the investigation in the other two cases within 3 months,” the court said in its verdict.

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The court further held that the report by the Organized Crime and Corruption Reporting Project (OCCPR), which claimed that two individuals “who spent years trading hundreds of millions of dollars’ worth of Adani Group stock” have “close ties” with the Adani family, cannot be taken into account to doubt the SEBI investigation. The report had alleged that investment funds the two people used to trade in Adani Group stock “received instructions from a company controlled by a senior member of the Adani family”.

The Supreme Court also held that the power to transfer investigation must be exercised in exceptional circumstances and not in the absence of cogent justifications, However, it directed the SEBI to complete its probe in the case within a period of three months.