The Supreme Court will hear the pleas seeking a probe into the Adani-Hindenburg case. As per rumours, the three-judge bench led by the Chief Justice Of India (CJI) will hear the different pleas. On Monday, the Supreme Court of India adjourned SEBI’s petition in which the capital market regulator sought a 6-month extension to conclude its investigation against Adani Group.
On January 24, Hindenburg published a report on Adani Group titled “How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History.” After this report, the court asked SEBI to investigate the allegations raised by Hindenburg against the Adani Group and submit the report.
Tushar Mehta, solicitor general informed the top court that SEBI needs six months to reach any conclusion. In addition, a capital market regulator also added in its statement, “Any premature or incorrect conclusion arrived without full facts and materials on record will be legally untenable.”
Concerning the previous investigation, SEBI reported that none of the Adani Group’s listed companies is part of the 51 companies it is investigating. In March 2023, India’s top court was tasked to assess the overall situation. It also set up the expert committee led by former SC judge Justice AM Sapre. SEBI seeks a 6-month extension to come up with a conclusion report based on the right facts and figures.
In today’s hearing, it is expected that the bench of three judges, including CJI Dhananjaya. Y. Chandrachud, Justice P S Narsimha and J B Pardiwala will listen to the pleas seeking the probe and decide the deadline extension which SEBI requested.