Adani Hindenburg Case: Supreme Court Backs SEBI Investigation, Says No To SIT Probe

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.