Supreme Court Verdict On Adani-Hindenburg Case: SC Denies Transferring Case To SIT, Ask SEBI To Complete Probe In 3 Months

In a big relief to Adani Group, the Supreme Court on Wednesday denied to transfer the Adani-Hindenburg case to the Special-Investigation Team (SIT) and asked market regulator Sebi to complete its probe into allegations against Adani Group by US short-selling firm Hindenburg Research within the next three months. 

The court said there was no reason to doubt the Securities and Exchange Board of India (SEBI) investigation. The apex court also noted that SEBI has completed its investigation in the 22 out of 24 cases. Taking into account the Attorney General's assurance, the court directed SEBI to complete the investigation of the remaining two cases within three months.

Also Read: Adani Stocks Surge Up To 10% Ahead Of SC Verdict On Adani-Hindenburg Case

Recently, on November 24 last year, a bench headed by Chief Justice of India (CJI) DY Chandrachud reserved the judgment on several petitions seeking a court-supervised inquiry into allegations of stock manipulation against the Adani group.

Hindenburg Research, a US short seller, in late January 2023 accused India's Adani Group of stock manipulation and accounting fraud. later all the claims were denied by Adani Group.

After receiving a series of public interest litigations (PILs) seeking an inquiry into the allegations, the Supreme Court in March set up an expert committee to probe the issue and develop recommendations to improve the regulatory framework.

The court directed SEBI to complete its investigation into the allegations in three months.

Billionaire Gautam Adani, reacting to the Supreme Court verdict on charges levelled against his group by an American short seller said the truth has prevailed and his group will continue to contribute to India's growth story.