May 30, 2024 00:09 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'We are not in permanent marriage': Arvind Kejriwal on tie-up with Congress, predicts a 300-seat win for INDIA bloc | Pune Porsche accident: Hospital dean alleges political interference by legislator | TMC transferring SC, ST, OBC reservations to Muslims: PM Modi in Bengal | Mani Shankar Aiyar's '1962 Chinese invasion' comment sparks row, Congress distances itself after BJP ire | Supreme Court refuses to hear Arvind Kejriwal's bail plea seeking interim bail extension
Adani-Hindenburg issue: Supreme Court to deliver verdict on petitions on Jan 3
Image Credit : UNI

Adani-Hindenburg issue: Supreme Court to deliver verdict on petitions on Jan 3

| @indiablooms | 02 Jan 2024, 10:49 pm

New Delhi: The Supreme Court is set to deliver its verdict on a string of petitions seeking a court-monitored investigation into allegations related to the Adani-Hindenburg issue on January 3, media reported.

The verdict will be issued tomorrow by a panel headed by Chief Justice DY Chandrachud, which had previously withheld its decision on a set of petitions last month, Moneycontrol reported.

The US-based firm Hindenburg Research had made allegations against the Adani group of companies, specifically related to stock market violations.

The judgment listed on the Supreme Court's causelist, is written by Chief Justice of India (CJI) DY Chandrachud, the report said.

On November 24, the bench led by the Chief Justice of India (CJI) reserved its judgment on the pleas related to the Adani-Hindenburg issue.

Throughout the proceedings, the bench hinted at issuing directions to the Securities and Exchange Board of India (SEBI).

The CJI emphasised that their intervention in the matter was solely aimed at reinforcing the existing regulatory framework to safeguard investor wealth in such situations.

Justice Chandrachud told the lawyers handling the batch of petitions regarding the Adani-Hindenburg controversy that SEBI cannot be instructed to investigate based solely on media reports.

The Chief Justice of India (CJI) also highlighted that there is no evidence on record to question the credibility of SEBI's investigation into the matter. Chandrachud further cautioned the lawyers representing the petitioners, urging them to act responsibly and present reasonable requests to the court, particularly in cases like this, where substantiating evidence is essential.

According to the Moneycontrol report, he said "As lawyers, you should be responsible with what you’re asking. This is not some school debate. You are asking the Supreme Court to order an investigation against SBI and LIC without a shred of evidence? Do you know what the consequences are?"

In January 2023, Hindenburg accused the conglomerate based in Ahmedabad, dealing in ports to power, of "brazen stock manipulation and accounting fraud." The Adani group strongly refuted these allegations, characterizing the report as "a calculated attack on India."

Following numerous Public Interest Litigations (PILs) on the matter, the Supreme Court established an expert panel in March 2023 to examine the issue and propose recommendations for improving the existing regulatory framework.

The court granted the Securities and Exchange Board of India (SEBI) until May to complete its investigation into the allegations.

In May, the apex court extended SEBI's deadline to conclude the investigation until August 14.

However, this extension was shorter than the six months initially requested by the markets regulator.

On November 24, SEBI informed the court that it would not be seeking any further extension of time and that a significant portion of the investigation had been completed.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.