Supreme Court Dismisses Plea Seeking SEBI Report On Hindenburg-Adani Case

In a significant development, the Supreme Court of India has dismissed an application seeking access to the Securities and Exchange Board of India’s (SEBI) investigation report into allegations by Hindenburg Research against the Adani Group.

The apex court rejected the plea, which had challenged an August 5, 2024, order by the court registrar. The earlier order had declined to register the lawyer’s application demanding SEBI’s conclusive findings on the case.

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The dismissed plea sought to compel SEBI to submit its investigation report on accusations by the US-based short-seller Hindenburg Research. These allegations, made in January 2023, accused the Adani Group of stock manipulation and financial misconduct.

Push For Swift Investigation Amid Fresh Allegations

The matter gained renewed attention in August 2024 after fresh allegations were levelled against SEBI Chairperson Madhabi Puri Buch, prompting a new petition in the Supreme Court. Filed by advocate Vishal Tiwari, the plea demanded expedited action and a defined timeline for SEBI’s investigation.

Tiwari referred to the Supreme Court’s January 3, 2024, directive, which had instructed SEBI to complete its probe within three months. However, the court refrained from issuing further mandates regarding Hindenburg’s claims.

The dismissal underscores the complexities surrounding the high-stakes case, which continues to draw significant scrutiny both domestically and internationally.