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Updated January 3rd, 2024 at 22:07 IST

Expected complete dismissal of petitions against Adani Group: Rohatgi

Political parties guilty of hijacking market-sensitive issues, said the senior Supreme Court lawyer.

Business Desk
Rohatgi called the PILs  as “publicity interest litigations”, adding that the apex court could have dismissed the petition in its entirety and levied penalties on the frivolous PILs
Rohatgi called the PILs as “publicity interest litigations” saying apex court could have dismissed the petition in its entirety. | Image:Republic
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Senior Supreme Court lawyer Mukul Rohatgi has hailed the Supreme Court judgment on the bunch of petitions seeking investigation into allegations of accounting fraud and stock manipulation against Adani Group companies by US short-seller Hindenburg Research in January 2023. Speaking exclusively to Arnab Goswami, Republic Media Network’s Editor-in-Chief, Rohatgi called the PILs  as “publicity interest litigations”, adding that the apex court could have dismissed the petition in its entirety and levied penalties on the frivolous PILs. 

"As far as court judgement is concerned, it  clearly said it does not warrant any criminal proceeding including the CBI. The court has trusted SEBI to do its own investigation.  According to me, the exoneration of the Adani Group that it did nothing wrong and the fact that Hindenburg is a malicious body with its own interests has been clearly spelled out today," Rohatgi said. 

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Rohatgi added, "If they (Adani Group) would have been guilty of some misdemeanour, the court would have ordered some criminal proceedings. The Hindenburg report has come from abroad and no one has seen it. We are participating in the SEBI probe and the market regulator is a trusted authority.” Rohatgi added.

Rohatgi said the real focus should be on shareholders including retail investors who lost money due to personal interests of a short-seller. “How will that recompense  come across? It needs to be found out who are the people who made these windfalls,” Rohatgi quipped.  Rohatgi said various political parties are guilty of hijacking the market-sensitive issues and playing with the interest of a common investor. He said it still needs to be proved, as to which side of the spectrum, made short-term gains in the entire Hindenburg row. 

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Published January 3rd, 2024 at 19:42 IST

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