Adani-Hindenburg case, Supreme Court reserved judgment!?
The supreme court has reserved its verdict in the Adani-Hindenburg case. In this case, the Hindenburg Report cannot be accepted as completely correct. The supreme court has reserved its judgment in the Adani-Hindenburg case. The court has heard written arguments from all the parties till Monday. On november 24, a bench of Chief Justice of india DY Chandrachud heard the case. We need not accept the Hindenburg Report as factually correct. That is why we have asked SEBI to investigate. At the same time, the market regulator Securities and Exchange Board of india i.e. SEBI said that it will not ask any more time for the investigation, which has been under investigation for approximately 8 months. On 24 january 2023, American short-seller company Hindenburg Research filed allegations of money laundering and fraudulently inflating the value of its shares against the adani Group.After this, the shares of all adani Group companies in the indian stock market fell to the bottom. Meanwhile, the supreme court had formed a 6-member committee to investigate the case. Apart from this, market regulator SEBI (Securities and Exchange Board of India) has also been asked to investigate, but SEBI is yet to submit its report. Recently, a petition was filed in the supreme court seeking contempt of court action against SEBI as it has not yet submitted its report. PIL petitioner Vishal Tiwari said that although Sebi was given a deadline, it failed to comply with the court's directions and did not submit the final report, hence a contempt petition should be filed against the institution.
The case was earlier scheduled to be heard on october 30, but it was postponed. The hearing, which was supposed to be held on october 20, was postponed for 10 days to october 30. SEBI was asked to investigate on 2 points, mainly whether Rule 19(a) of the Securities contract Regulation Rules was violated? Are stock prices fraudulently inflated in violation of existing laws? That was the question.
On the other hand, the supreme court Committee on 19th May 2023 made the Adani-Hindenburg case investigation report public. The committee had said that SEBI failure was behind the alleged manipulation in adani share price, but it is yet to reach this conclusion. The committee had said that SEBI's probe into foreign funds in group companies was inconclusive.
The case was earlier scheduled to be heard on october 30, but it was postponed. The hearing, which was supposed to be held on october 20, was postponed for 10 days to october 30. SEBI was asked to investigate on 2 points, mainly whether Rule 19(a) of the Securities contract Regulation Rules was violated? Are stock prices fraudulently inflated in violation of existing laws? That was the question.
On the other hand, the supreme court Committee on 19th May 2023 made the Adani-Hindenburg case investigation report public. The committee had said that SEBI failure was behind the alleged manipulation in adani share price, but it is yet to reach this conclusion. The committee had said that SEBI's probe into foreign funds in group companies was inconclusive.