The Supreme Court is scheduled to deliver its judgment on Wednesday regarding a set of petitions, including those filed by lawyers and Congress leaders, seeking an investigation into the fraud allegations against Adani Group based on the Hindenburg Research report. The three-judge bench, led by Chief Justice of India Dr. Dhananjaya Yeshwant Chandrachud and including Justices J B Pardiwala and Manoj Misra, will announce the verdict on pleas filed by individuals such as lawyers Vishal Tiwari, Manohar Lal Sharma, Congress leader Jaya Thakur, and others. The bench had reserved its judgment on November 24, 2022, after hearing arguments from petitioners, respondents (SEBI), and the Union of India in this batch of pleas.
Allegations against Adani Group involve accusations of inflating share prices, leading to a substantial decline in the value of Adani Group companies, reportedly around $100 billion, after the release of the Hindenburg Research report. Petitioners have contended that changes to the SEBI Act have allowed Adani Group’s regulatory violations and market manipulations to go undetected. In March of the previous year, the Supreme Court had directed the formation of a six-member panel, led by former Supreme Court Justice A M Sapre, to investigate the crash in Adani Group shares prompted by the Hindenburg Research report.
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