The Supreme Court is scheduled to announce its judgment on petitions requesting a court-monitored investigation into the accusations of fraudulent transactions and share-price manipulation lodged against the Adani Group.
The Supreme Court is scheduled to announce its verdict on Wednesday regarding several petitions seeking a court-monitored investigation into allegations made by US-based short-selling firm Hindenburg Research against the Adani Group. The court had reserved its judgment in November of the previous year.
The case revolves around Hindenburg Research’s accusations concerning the financial practices and trading activities of the Adani Group, prompting the involvement of the Securities and Exchange Board of India (Sebi). In March, the Supreme Court directed Sebi to investigate any potential violations of securities law by the Adani Group following the Hindenburg report. Additionally, the court established an expert committee headed by former top court judge Justice AM Sapre.
During the proceedings, a plea was filed against Sebi regarding the delay in completing the investigation into the Adani-Hindenburg matter. The applicant sought contempt proceedings against the market regulator for not adhering to the timeline set by the Supreme Court.
Chief Justice of India DY Chandrachud expressed dissatisfaction with the allegations made against Sebi during the hearings. He questioned the appropriateness of the court forming its own Special Investigation Team (SIT) without proper material, emphasizing the need for careful consideration in such matters.
