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On January 24, 2023, Hindenburg Research had leveled allegations against the Adani Group ranging from money laundering to share manipulation.
The Supreme Court has rejected the petition seeking review of its January 3 decision in the Adani-Hindenburg case. In its decision, the court had refused to transfer the investigation into the allegations of stock price manipulation by the Adani Group to the SIT or CBI.
A bench of Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Mishra has dismissed this petition. This petition was filed by Anamika Jaiswal. The review petition claimed that there were mistakes and errors in the decision of the Supreme Court.
The petition was rejected on May 8, the order was made public today
The review petition was dismissed on May 8, but the order was made public on Monday. Judges consider review petitions in their chambers without holding oral hearings. Jaiswal’s petition was filed in February.
In 2023, Adani Group was accused of share manipulation
On January 24, 2023, Hindenburg Research had made allegations ranging from money laundering to share manipulation against the Adani Group. The Supreme Court had constituted a 6-member committee to investigate the case. Apart from this, market regulator SEBI was also asked to investigate.
On January 3, the court had said- the power of the court is limited
The court said that the power of this court to interfere in the regulatory framework of SEBI is limited. SEBI has completed the investigation in 22 out of 24 cases. Keeping in mind the assurance of the Solicitor General, we direct SEBI to complete the investigation in the other two cases within 3 months.
The Supreme Court said that the OCCPR report cannot be seen as a doubt on SEBI’s investigation. The Supreme Court believes that there is no basis to transfer the investigation from SEBI to SIT. ‘OCCRP’, funded by people like investor and businessman George Soros and Rockefeller Brothers, is an investigative organization formed in 2006.
SEBI was asked to investigate on 2 aspects
- Was Rule 19(A) of the Securities Contract Regulation Rules violated?
- Was there any manipulation of stock prices in violation of existing laws?
The committee made the report public on 19 May 2023
At the same time, the Supreme Court committee made the investigation report of the Adani-Hindenburg case public on 19 May 2023. The committee had said that SEBI’s failure was behind the alleged manipulation in the price of Adani shares, this conclusion cannot be reached yet. The committee had also said that SEBI’s investigation on foreign funding in the group companies has been inconclusive.
Points of the Expert Committee report…
- The committee said in the report- SEBI suspects that 13 foreign funds investing in Adani Group may have links with the promoters.
- No pattern of wash trade has been found in the shares of Adani Group. Wash trade means buying and selling shares yourself to increase the volume.
- Some institutions had taken short positions before the Hindenburg Report was published. When the stock price fell, they bought it and made a profit.
Read this news also…
Supreme Court refuses SIT probe in Adani-Hindenburg case: SEBI given 3 more months to investigate, Adani said- Satyamev Jayate
In the Adani-Hindenburg case, today i.e. on January 3, the Supreme Court has given SEBI 3 more months to investigate the remaining 2 cases. At the same time, it also refused to hand over the investigation of the case from SEBI to SIT. A bench of Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Mishra gave this decision.
The court said that the power of this court to interfere in the regulatory framework of SEBI is limited. SEBI has completed the investigation in 22 out of 24 cases. Keeping in mind the assurance of the Solicitor General, we direct SEBI to complete the investigation in the other two cases within 3 months. Click here to read full news
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