Relief for Adani: SC dismisses plea seeking SIT probe, directs SEBI to investigate

NEW DELHI: The Supreme Court rejected the plea seeking formation of a new committee to inquire into the Hindenburg report against the Adani Group. However, the court allowed three months for SEBI to complete its investigation in the case.

The court also ordered the central government to check whether there has been any violation of the law. The court's order came in a PIL filed by Anamika Jaiswal. The case was heard by a bench headed by Chief Justice DY Chandrachud.

The petition was filed after expressing no confidence in the expert committee investigation nor the SEBI (Securities and Exchange Board of India) involvement in the case. The controversial report against the Adani Group came out in January 2023 which created a huge rift in Indian politics.

Hindenburg on 2023 January 24 accused Adani of “brazen stock manipulation and accounting fraud” as they said the company shares were being traded at an inflated amount of 85 per cent albeit the firm performing poorly. The report had its effects as Adani’s share value plummeted suddenly and the Ahmedabad-based bizman fell in rankings on the billionaire list.

On March 2, the Supreme Court ordered SEBI to investigate into the matter. The bench chaired by Chief Justice DY Chandrachud had directed to complete the investigation within two months and submit the status report. Meanwhile, SEBI sought another six months for investigation.