of the News
On Monday, the Supreme Court decided not to force the Securities and Exchange Board of India (SEBI) to speed up its investigation into Hindenburg Research’s claims against the Adani Group. Advocate Vishal Tiwari, who filed the request, wanted the court to make SEBI and the government provide updates on what they’ve done about a report by the Justice Sapre panel.
In March 2023, the Supreme Court formed a committee led by former judge A.M. Sapre to look into claims that the Adani Group manipulated stock prices. The committee found no clear evidence that SEBI failed in its duties. The court had previously stated it wouldn’t move the investigation to another body, as SEBI was already handling it well.
So far, SEBI has completed investigations in 20 out of 22 cases related to these claims against Adani. The court asked SEBI to finish the remaining two cases within three months. Tiwari’s application mentioned new accusations from Hindenburg Research published in August, suggesting potential conflicts of interest involving SEBI chairperson Madhabi Puri Buch. Buch denied the claims, calling them unfounded, and the Supreme Court has said that reports from outside sources can’t be used as evidence.
Last January, the Supreme Court already said that there was no need for a special investigation team or the Central Bureau of Investigation since SEBI’s effort seemed trustworthy. Tiwari is also one of the people who originally led to this case being heard by the Supreme Court.
Leave a Reply