Adani-Hindenburg case: Supreme Court refutes SIT probe, SEBI asked to complete probe in 3 months

ani-Hindenburg case: Supreme Court has upheld investigation by Securities and Exchanges Board of India (SEBI) into petitions against ani Group companies concerning allegations levelled by Hindenburg Research. top court has directed SEBI to complete remaining investigation on ani Group expeditiously and preferably within three months.

CJI's observations and ruling

CJI said power of Supreme Court to enter regulatory framework of SEBI is limited. Supreme Court also said that re are no valid grounds to revoke SEBI's amendments to Foreign Portfolio Investors (FPI) and Listing Obligations and Disclosure Requirements (LODR) regulations. regulations, according to CJI, do not suffer from any infirmities, providing a vote of confidence in SEBI's regulatory measures.

SEBI's progress in investigation

SEBI has completed its investigation into 20 out of 22 matters related to ani Group. CJI, taking into account assurance of Solicitor General, directed SEBI to conclude investigation in remaining two cases within next three months. This timeline reflects court's commitment to expeditiously dress pending matters.

Supreme Court rejects transfer of investigation to SIT

Supreme Court unequivocally held that re are no grounds to transfer investigation from SEBI to a Special Investigation Team (SIT). This decision reinforces court's confidence in SEBI's capabilities and regulatory processes in handling ani-Hindenburg case.

OCCRP report discredited

CJI discredited report by George Soros-backed Organised Crime and Corruption Reporting Project (OCCRP). court emphasised that relying on a third-party organisation's report without proper verification cannot be considered as conclusive proof. This dismissal highlights court's commitment to relying on verified and substantiated evidence in its proceedings.