Adani-Hindenburg Case: The Supreme Court announced its decision on Wednesday in the Adani-Hindenburg case stating that there is no deficiency in the SEBI investigation. Consequently, there is no justification for conducting a separate inquiry through the Special Investigation Team (SIT) in this matter.
The Supreme Court mentioned during the hearing that the SEBI investigation adhered to regulations. It is noteworthy that SEBI has concluded the investigation of 22 out of 24 cases related to the Adani-Hindenburg issue, with two cases still pending.
The Supreme Court has granted SEBI a three-month extension to complete the investigations into the remaining two cases.
Before this, on November 24, during the hearing of this case, the court had reserved its judgment, rejecting questions raised on the Securities and Exchange Board of India (SEBI) investigation and the expert committee.
It's worth noting that an American short-seller firm had published a research report in January 2023, questioning the Adani Group's companies, highlighting concerns such as the overvaluation of Adani's shares and financial irregularities, including debt issues within the group.
The Supreme Court, in its verdict, has directed the Securities and Exchange Board of India (SEBI) to submit its complete investigation report within the given time frame. The bench comprising Chief Justice D.Y. Chandrachud, Justice J.B. Pardiwala, and Justice Manoj Mishra delivered the decision on Wednesday in the Adani-Hindenburg case.
Chief Justice D.Y. Chandrachud, while pronouncing the verdict, stated that the court has limited jurisdiction to intervene in SEBI's domain. The Supreme Court further asserted that SEBI will conduct the inquiry into the Adani-Hindenburg case, and there will be no transfer of the investigation to the Special Investigation Team (SIT).