Adani-Hindenburg row: As the Supreme Court (SC) is scheduled to announce its decision today regarding petitions seeking a court investigation into the allegations made by US-based firm Hindenburg Research against the Adani group, accusing it of stock market violations, the top court has now refused to interfere with the Securities and Exchange Board of India (SEBI) probe into this controversial case.Supreme Courts verdict on Adani-Hindenburg rowIn its verdict, the SC held that there was “no ground to transfer the probe from SEBI to SIT (Special Investigation Team).”Adani-Hindenburg: The Supreme Court says the power of this court to enter the regulatory framework of SEBI is limited pic.twitter.com/923aAVfVjG— ANI (@ANI) January 3, 2024The Supreme Court on Wednesday delivered its judgment on a batch of public interest litigation concerning allegations against the Adani Group following a report by Hindenburg Research.The power of this court to enter the regulatory framework of SEBI is limited. There are no valid grounds raised to direct SEBI to revoke its amendments on FPI and LODR regulations. The regulations do not suffer from any infirmities, the bench observed.Supreme Court tells the Central government and SEBI to consider the recommendation of an expert committee to strengthen the regulatory framework.Supreme Court declines to order SIT probe in Adani-Hindenburg issue.— ANI (@ANI) January 3, 2024SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of the Solicitor General, we direct the SEBI to complete the investigation in the other two cases within three months, it said.Who filed the PILsThe PILs, filed by lawyers Vishal Tiwari, ML Sharma, Congress leader Jaya Thakur and Anamika Jaiswal, were heard by a bench comprising Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra.The petitioners claimed the conglomerate, considered close to the Central government led by Prime Minister Narendra Modi, manipulated stock prices which fell sharply after Hindenburgs report. The apex court had reserved its order on November 24, 2022, on the PILs alleging irregularities by the corporate giant and seeking investigations.Todays ruling comes amid intense scrutiny of the Adani Groups operations after claims of stock inflation and accounting fraud.
