Supreme Court Orders SEBI Probe Into Adani-Hindenburg Case. ‘Truth Will Prevail’, Says Gautam Adani

CJI DY Chandrachud: SEBI shall expeditiously conclude investigation in 2 months and file a status report.

New Delhi: Supreme Court of India has ordered the Securities and Exchanges Bureau of India (SEBI) to probe into the allegations levelled by short-seller Hindenburg Research against Adani Group.

CJI DY Chandrachud: SEBI shall expeditiously conclude investigation in 2 months and file a status report.

Apart from noting that the cases concern the loss of investor wealth over the past few weeks due to a plunge in the stock price of listed Adani companies, the Supreme Court  also noted that Hindenburg had stated that it had taken a short position in the Adani group shares.

The Supreme Court also noted SEBI’s stand which said it is already investigating into the allegations in the Hindenburg report in the light of the existing regulations.

The top court, on 17 February 2023, decided to constitute an expert committee to analyse if the regulatory mechanism needed to be strengthened to protect Indian investors from the kind of market volatility which was witnessed following the release of the Hindenburg Research report against Adani Group on 24 January 2023.

ADANI GROUP ‘WELCOMES’ SUPREME COURT ORDER

The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.

— Gautam Adani (@gautam_adani) March 2, 2023

“The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail,” wrote Adani Group chairman Gautam Adani in a tweet.