Adani-Hindenburg Row: Everything About The Story So Far

SC Rejects SIT Probe

The Supreme Court dismisses the plea for a Special Investigation Team (SIT) or CBI probe into Adani groups alleged stock price manipulations.

SEBI Investigation

The three-judge bench, led by CJI DY Chandrachud, upholds confidence in the ongoing Securities and Exchange Board of India (SEBI) investigation, finding no grounds for doubt.

SEBI Regulations Validated

The Court affirms the validity of SEBIs amendments on Foreign Portfolio Investment (FPI) and Listing Obligations and Disclosure Requirements (LODR) regulations.

Remaining SEBI Investigations

The Supreme Court directs SEBI to conclude the investigation in the remaining 2 out of 24 cases within three months, acknowledging SEBIs completion of 22 cases.

Discrediting Media Reports?

The Court rejects reliance on newspaper reports and third-party organisations, emphasising the need for substantiated evidence over unverified sources.

Conflict Of Interest

The Court dismisses arguments regarding a conflict of interest within the Expert Committee but urges the government and SEBI to consider committee recommendations for regulatory strengthening.

Investigation Into Investor Losses

The Court instructs SEBI and investigative agencies to probe potential law infringements causing losses to Indian investors due to Hindenburg Research and others.

Caution Against PILs

In a cautionary note, the Court advises against filing Public Interest Litigations without thorough research and relying on unverified reports.

The Hindenburg Report

A detailed background information on the Hindenburg Research report published on January 24, 2023, accusing the Adani Group of stock manipulations. The issue was born after the report was published.

PILs, Committee Formation

After the Public Interest Litigations was filed, it lead to the Supreme Courts formation of an expert committee, including its members.

SEBI's Extension Requests

SEBIs requests for extensions due to the complexity of transactions and interactions with overseas regulators were highlighted during the hearing.

SC's Initial, Extended Deadlines

The Supreme Court initially extends SEBIs deadline to August 14, 2023, and later grants an additional 15 days, expressing progress in the investigation.

SEBI's Progress Report

SEBI reports substantial progress, including an interim report and the evaluation of information received from foreign regulators.

SC's Confidence In SEBI

The Court expresses confidence in SEBIs advancements and grants the requested extension, indicating cooperation between regulatory bodies.

Acknowledging Roles Of Govt, SEBI

While dismissing certain claims, the apex court recognises the role of the government and SEBI in responding to committee recommendations.

Final Directions

The Court provides specific directives for the investigation into investor losses and underlines the importance of a robust regulatory framework.