Supreme Court set to deliver verdict tomorrow on Adani-Hindenburg probe

The Supreme Court is poised to deliver its verdict on January 3 on a series of petitions seeking a court-monitored investigation into allegations made by US-based short-selling firm Hindenburg Research against the Adani Group. The apex court had reserved its judgment in November of last year, and the decision will have far-reaching implications for one of India's leading business conglomerates.

The case revolves around Hindenburg Research's explosive claims regarding the Adani Group's financial practices and trading activities, prompting the intervention of the Securities and Exchange Board of India (SEBI). The Supreme Court, in March, directed SEBI to investigate potential violations of securities law in response to the Hindenburg report. As part of the investigation process, the court established an expert committee headed by former top court judge Justice AM Sapre, comprising six members.

However, the proceedings have not been without their share of challenges. A plea was filed against SEBI during the hearings, questioning the delay in completing the investigation into the Adani-Hindenburg matter. The petitioner sought contempt proceedings against the market regulator for allegedly failing to adhere to the timeline set by the Supreme Court.

Chief Justice of India DY Chandrachud expressed dissatisfaction with the allegations made against SEBI during the course of the hearings. He questioned the appropriateness of the court distrusting SEBI, a statutory body exclusively entrusted with investigating stock market manipulation. The Chief Justice emphasized the need for a careful approach in such matters.