Adani-Hindenburg Matter: Petitioner Seeks Early SC Hearing

A petitioner in the matter relating to the Hindenburg report on Adani Group has sought early listing and subsequent hearing before the Supreme Court on Monday.

Advocate Prashant Bhushan, appearing for one of the petitioners, informed the top court that the matter was listed for hearing on August 28 but it is being deferred and not getting listed.

A bench headed by Chief Justice of India DY Chandrachud said that it will ask the registrar to check it and asked the lawyer to mention it tomorrow again and he will look into it.

Earlier the Securities and Exchange Board of India (SEBI) filed a status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature.

The investigation was carried out in compliance with the directions of the top court's order dated March 2, 2023, SEBI has investigated 24 matters.

In the mid of May, the top court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report.

On March 2, the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value.

Supreme Court, on March 2, set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee consisted of six members, headed by former apex court judge Justice AM Sapre.

The top court had then asked SEBI to file a status report within two months.

The apex court was then hearing petitions pertaining to the Hindenburg report, including the constitution of a committee relating to regulatory mechanisms to protect investors' interests.

The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate.

The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares.