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Adani-Hindenburg case: SC withholds judgment, indicates it would give directions to SEBI
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Adani-Hindenburg case: SC withholds judgment, indicates it would give directions to SEBI

India Blooms News Service | @indiablooms | 24 Nov 2023, 09:07 pm

New Delhi: The Supreme Court on Friday withheld its decision on the Adani-Hindenburg row, and Chief Justice of India (CJI) DY Chandrachud suggested that directives may be issued to the Securities and Exchange Board of India (SEBI) as part of the resolution, Moneycontrol reported.

Throughout the proceedings, the CJI stressed that the apex court’s intervention was driven by the motive to strengthen the current regulatory framework, ensuring that investor wealth was safeguarded against erosion in such situations.

At the beginning of the hearing today, Solicitor General (SG) Tushar Mehta, representing the Securities and Exchange Board of India (SEBI), informed the Supreme Court that SEBI would not request an extension to conclude its investigation into the activities of billionaire Gautam Adani's conglomerate, the report said.

The regulatory body added that it has identified 24 instances related to the conglomerate and has completed investigations in 22 of these cases, according to the report.

In the other two cases, SEBI is awaiting responses from foreign regulators, and as of now, they cannot provide a specific timeline for resolution.

The Chief Justice of India (CJI) asked the Solicitor General (SG) about the timeline and responsible authority for implementing suggested changes.

The SG clarified that the Securities and Exchange Board of India (SEBI) has a limited role.

Mehta said that the rule-making power lies with the Central government and SEBI has to work with the Centre for the necessary implementation.

The CJI addressed objections from petitioners regarding the Supreme Court panel report and assured that he would assess all submissions before issuing directions.

In the last week of January, just ahead of an offer for sale by Adani Group’s flagship company Adani Enterprises, US-based short seller Hindenburg released a report, accusing the Ahmedabad-based ports-to-power conglomerate of “brazen stock manipulation and accounting fraud”.

Adani Group vehemently denied the allegations, calling the report “a calculated attack on India”.

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