‘No Error Apparent’: Supreme Court Dismisses Plea Against Adani-Hindenburg Order

New Delhi: The Supreme Court on Monday dismissed a plea seeking review of its January 3 order which declined setting up of a Special Investigation Team (SIT) to probe the Hindenburg report over allegations of stock price manipulation by Adani Group.

Dismissing the review petition — filed by Anamika Jaiswal, one of the petitioners in the original case — a bench comprising Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Misra, said there is no error.

“Having perused the review petition, there is no error apparent on the face of the record. No case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013. The review petition is, therefore, dismissed,” said the bench.

Though the review petition was dismissed on May 8, the order was made public on Monday.

Judges consider review petitions in their chambers without holding oral hearings.

Jaiswal’s petition, filed in February, stated that there were “apparent errors” in Supreme Court’s earlier order which denied the formation of a SIT to investigate the “massive fraud involving market manipulation through offshore entities owned by promoters of the Adani Group”.

The petition alleged that there are several instances where Securities and Exchange Board of India’s (SEBI’s) regulatory failures are readily apparent. “Such failures have eventually contributed to alleged regulatory contraventions and statutory violations,” the review plea claimed.

The top court had refused to interfere with the SEBI probe into the Adani-Hindenburg case on June 3.

The Supreme Court was of the view that there was no ground to transfer the investigation from SEBI to SIT, adding that the Organised Crime and Corruption Reporting Project (OCCRP)’s report can’t be the basis for doubting the SEBI report.