Adani-Hindenburg case: Supreme Court to deliver verdict on set of pleas seeking probe
Adani-Hindenburg case: In March last year, the Supreme Court instructed Sebi to look into any securities law violations by the Adani Group following the Hindenburg report and formed a six-member expert committee.
- Jan 3, 2024,
- Updated Jan 3, 2024 8:18 AM IST
The Supreme Court will deliver its decision on a set of pleas demanding a court-supervised probe into allegations by US-based short-seller Hindenburg Research against the Adani Group on Wednesday.
The judgment was reserved by the court in November last year. The matter revolves around the allegations levelled by Hindenburg Research on the financial and trading practices of the Adani Group, which subsequently led to the involvement of the Securities and Exchange Board of India (Sebi).
In March last year, the Supreme Court instructed Sebi to look into any securities law violations by the Adani Group following the Hindenburg report and formed a six-member expert committee chaired by ex-Supreme Court judge Justice AM Sapre. A plea against Sebi was also presented due to delays in the investigation of the Adani-Hindenburg issue, with the petitioner requesting contempt proceedings against the market regulator for not adhering to the court's timeline.
Chief Justice of India DY Chandrachud expressed dissatisfaction with the accusations against Sebi, stating that Sebi, being a statutory body, is responsible for investigating stock market manipulation and it would not be appropriate for the court to form its own SIT without substantial evidence.
The judgment will be delivered by a bench comprising CJI Chandrachud and justices JB Pardiwala and Manoj Misra at 10:30 am on four petitions. The pleas allege that the Adani Group inflated its share prices. Post the Hindenburg Research report, the share value of various group entities fell sharply. The Adani Group has refuted the charges, stating it complies with all laws and disclosure requirements.
The Supreme Court will deliver its decision on a set of pleas demanding a court-supervised probe into allegations by US-based short-seller Hindenburg Research against the Adani Group on Wednesday.
The judgment was reserved by the court in November last year. The matter revolves around the allegations levelled by Hindenburg Research on the financial and trading practices of the Adani Group, which subsequently led to the involvement of the Securities and Exchange Board of India (Sebi).
In March last year, the Supreme Court instructed Sebi to look into any securities law violations by the Adani Group following the Hindenburg report and formed a six-member expert committee chaired by ex-Supreme Court judge Justice AM Sapre. A plea against Sebi was also presented due to delays in the investigation of the Adani-Hindenburg issue, with the petitioner requesting contempt proceedings against the market regulator for not adhering to the court's timeline.
Chief Justice of India DY Chandrachud expressed dissatisfaction with the accusations against Sebi, stating that Sebi, being a statutory body, is responsible for investigating stock market manipulation and it would not be appropriate for the court to form its own SIT without substantial evidence.
The judgment will be delivered by a bench comprising CJI Chandrachud and justices JB Pardiwala and Manoj Misra at 10:30 am on four petitions. The pleas allege that the Adani Group inflated its share prices. Post the Hindenburg Research report, the share value of various group entities fell sharply. The Adani Group has refuted the charges, stating it complies with all laws and disclosure requirements.