Adani Hindenburg case verdict: SC says facts 'do not' warrant transfer of probe to other agency | Top 5 points

Adani Hindenburg case verdict: The Supreme Court has on December 3 pronounced its verdict on on a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra delivered the judgement.

1. While reading out the judgement, CJI DY Chandrachud held that there is no ground to transfer the Adani Hindenberg case investigation from the (SEBI) to a Special Investigation Team (SIT). 2. CJI stated that SEBI has completed investigation in 20 out of 22 matters and with that has directed regulatory body to complete probe within three months in remaining two cases.

3. SC while pronouncing the judgment said that the report of OCCRP cannot be taken into account to doubt the SEBI investigation. “The reliance on OCCRP report is rejected and reliance on a third party organisation report without any verification cannot be relied upon as a proof," CJI said as quoted by 4.

CJI said, relying on newspaper reports and third party organisations to question the statutory regulator does not inspire confidence, further adding, he said that they can be treated as inputs but not conclusive evidence to doubt the SEBI probe. 5. The apex court ordered the Centre and SEBI to investigate whether the Hindenburg report on short selling violates any laws, and if so, to take appropriate legal action.

It also told Centre and SEBI to consider the recommendation of an expert committee to strengthen the regulatory framework. Meanwhile, surged to the tune of 3 per cent to 18 per cent in intraday trade on Wednesday, January 3, after the Supreme Court's verdict on petitions seeking an investigation into fraud allegations against Adani Group companies, as outlined in the Hindenburg Research report.

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