Adani-Hindenburg case verdict tomorrow, court to decide probe requests

PTC News Desk: The Supreme Court is set to deliver its judgment tomorrow on several petitions urging a court-monitored investigation into allegations of fraudulent transactions and market manipulation against the Adani Group.

Scheduled for Wednesday, the Supreme Court's verdict follows a series of pleas seeking a thorough inquiry into claims made by the US-based short-selling firm Hindenburg Research regarding the financial practices of the Adani conglomerate.

Last November, the Supreme Court had reserved its decision on this matter, which revolves around Hindenburg Research's assertions about the Adani Group's financial dealings and trading practices. The case also involves the Securities and Exchange Board of India (Sebi), which was directed by the Supreme Court in March to investigate potential violations of securities laws following the Hindenburg report.

In light of delays in Sebi's investigation, an additional plea was filed during the hearings, citing the regulator's failure to adhere to the timeline set by the apex court. The petitioner sought contempt proceedings against Sebi for this delay, prompting Chief Justice of India DY Chandrachud to express dissatisfaction with the situation.

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The CJI questioned the appropriateness of the court's mistrust in Sebi, a statutory body entrusted specifically with probing stock market manipulations. He emphasised the necessity for careful consideration before forming an independent Special Investigation Team (SIT) without substantial grounds.

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As the awaited verdict approaches, the decision will determine the course of action regarding these serious allegations against the Adani Group.

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(Inputs from agencies)