New Delhi: The Supreme Court toady declined to intervene in the Securities and Exchange Board of India’s (SEBI) investigation into the Adani-Hindenburg case. The court’s decision stated that there was no justification to shift the inquiry from SEBI to either the Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI).
Notably, SEBI has concluded investigations into 20 out of 22 cases related to the matter. Considering the Solicitor General’s commitment, the Supreme Court has instructed SEBI to wrap up the remaining two cases within the next three months.
The verdict comes in response to petitions arising from the Adani-Hindenburg dispute, which revolves around allegations of stock price fraud against the renowned Indian corporate entity, the Adani Group. Chief Justice D. Y. Chandrachud, along with Judges J. B. Pardiwala and Manoj Mishra, comprised the bench that heard the arguments from four petitions.
The Supreme Court had reserved its decision in November of the preceding year after hearing petitions presented by advocates Visal Tiwari and M. L Sharma, as well as Congress leaders Jaya Thakur and Anamika Jaiswal. The petitions claimed that the Adani Group, perceived to have close ties with the Modi government, artificially inflated its share prices. Consequently, the share values of various companies under the group witnessed a sudden decline following the release of a report by the short seller Hindenburg Research.
In response to the Supreme Court’s judgment, Gautam Adani, the CEO of the Adani Group, expressed, “Truth has prevailed.”