Adani-Hindenburg case updates in real time: On November 24, Chief Justice DY Chandrachud is scheduled to give the decision in the case that was put on hold.
Adani-Hindenburg case updates in real time: The Supreme Court will rule today on a number of petitions requesting a probe into claims of stock manipulation and accounting fraud made against Adani group companies in a January 2023 research report by US short-seller Hindenburg Research.
The businesses listed on the court website indicate that Chief Justice DY Chandrachud will deliver the decision in the case, which was postponed to November 24, following the completion of the arguments.
The bench, which also includes Justices JB Pardiwala and Manoj Misra, will make decisions regarding the actions that the Securities and Exchange Board of India (Sebi) should do to safeguard investors by restraining in excessive market volatility and tightening relevant regulations.
For more details on the Adani-Hindenburg lawsuit, see this:
- Published in January 2023, the Hindenburg investigation accused the Gautam Adani-led organization of “brazen accounting fraud” and “stock manipulation.”
The claim was denounced by the conglomerate as “maliciously mischievous” and “unresearched,” but it caused a large sell-off in Adani group equities that resulted in a loss of over $140 billion in a matter of days and necessitated the cancellation of a ₹20,000 crore share sale.
A six-member panel headed by retired Supreme Court judge AM Sapre was established by the Supreme Court in March to investigate the Adani group’s alleged legal violations and Sebi’s regulatory failures. - The committee did state, however, that “at this stage” it is unclear to substantiate the claims of stock price manipulation or MPS rule violations by Adani group companies in its report, which was turned in two months later.
The panel also brought up some concerns about the existing Foreign Portfolio Investors (FPI) rules at the same time.
The Supreme Court noted in November that until there was proof of mistakes made by the Sebi, which is currently looking into the case, it would not be appropriate for the court to form a Special Investigation Team (SIT) to investigate into claims of MPS norm violations by Adani group firms.