New Delhi: The Supreme Court on Wednesday said the George Soros-led OCCRP’s report can’t be the basis for doubting the capital markets regulator SEBI’s investigation into the Adani Hindenburg case.
Delivering the judgment, a bench of Chief Justice DY Chandrachud and justices JB Pardiwala and Manoj Misra said there are no grounds to transfer the probe to a special investigation team.
In a blow to petitioners, the apex court dismissed reliance on a third-party report and affirmed faith in SEBI’s handling of the case. The Govt of India and the SEBI will look into whether there is any infraction of law by the Hindenburg report on short selling and if so, take action in accordance with the law, according to the judgement.
The Supreme Court (SC) pronounced its verdict today, on a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. The pleas claimed the allegations that the Adani Group, considered close to the Modi government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.
Notably, SEBI has completed an investigation in 20 out of 22 matters. Taking into account the assurance of the Solicitor General, we direct the SEBI to complete the investigation in the other two cases within 3 months, said CJI as quoted by LiveLaw.
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