A review petition has been filed challenging the Supreme Court s approval of SEBI s probe into the Adani-Hindenburg issue. The petitioner alleges the judgment has "apparent errors" and overlooks SEBI s regulatory failures. The case involves US short-seller Hindenburg Research accusing the Adani Group of fraud and stock price manipulation. SEBI s probe into potential securities law violations is ongoing.
Gautam Adani, billionaire and chairman of the Adani Group, stated that the trials and tribulations of the past year have strengthened the conglomerate. Adani highlighted the group s accomplishments, which include raising Rs 40,000 crore of equity, repaying Rs 17,500 crore of margin-linked financing, and reducing debt. The Adani group achieved its highest-ever quarterly profit and launched key projects like the Dharavi redevelopment and the world s largest renewable energy generation site in Gujarat. Adani dismissed the Hindenburg Research report as a compilation of old and dead allegations, stating that it eroded market value and caused small investors to lose their savings.
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The bench headed by Chief Justice D Y Chandrachud said the facts of the case do not warrant a transfer of investigation from the SEBI and stated that the market regulator should take its probe to a logical conclusion as per the law.