Adani-Hindenburg case: Supreme Court verdict today on petitions seeking probe

The Supreme Court will on Wednesday pronounce its verdict on a batch of pleas seeking a court-monitored investigation into the allegations made by US-based short-selling firm Hindenburg Research against the Adani Group.

The Supreme Court had reserved its judgment in November last year.

The case relates to allegations raised by Hindenburg Research regarding Adani Group’s financial practices and trading activities, which prompted Securities and Exchange Board of India (Sebi) involvement.

In March, the Supreme Court directed Sebi to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report. The court had also set up an expert committee comprising six members, headed by former top court judge Justice AM Sapre.

During the course of hearing on the matter, a plea was also filed against Sebi regarding the delay in the completion of the investigation into the Adani-Hinderburg matter. The applicant had sought contempt proceedings against the market regulator for not complying with the timeline framed by the top court.

Chief Justice of India DY Chandrachud had expressed his dissatisfaction at the allegations made against Sebi.

“Sebi is a statutory body exclusively entrusted with investigating stock market manipulation. Is it proper for a court without any proper material to say that we don’t trust Sebi and we will form our own SIT? This has to be done with much calibration,” the CJI told advocate Prashant Bhushan, appearing on behalf of the petitioners.