Supreme Court Reserves Verdict in Adani-Hindenburg Dispute, Asserts SEBI Cannot Rely on Media Report

The Supreme Court led by the bench of Chief Justice of India (CJI) DY Chandrachud with Justice JB Pardiwala and Justice Manoj Misra has reserved its judgment on petitions seeking an inquiry into fraud allegations against Adani Group following a Hindenburg Research report. The court emphasized that the Securities Exchange Board of India (SEBI) can’t rely on media reports to decide on Adani’s alleged conduct.


Advocate Prashant Bhushan, representing a petitioner, criticized SEBI’s credibility, stating that the probe was not credible. The court questioned the evidentiary value of media reports and underscored the need for a proper investigation. The case revolves around accusations of Adani inflating share prices, leading to a significant decline in share values.


The court earlier instructed SEBI to investigate independently, and an expert committee found no prima facie lapse by SEBI. The hearing also involved disputes over the impartiality of SEBI and the expert committee members. Solicitor General Tushar Mehta alleged the planting of stories to influence India’s actions, while Bhushan maintained suspicions about SEBI’s role. The court was unconvinced about conflicts of interest raised by petitioners and noted that SEBI is close to completing its investigation.

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