Adani-Hindenburg Case: Gautam Adani Praises Supreme Court’s Decision of Rejecting Further Investigation

Adani-Hindenburg Case News: Billionaire Gautam Adani’s business suffered a nearly $60 billion personal loss last year after his company was accused of market manipulation and accounting fraud in January 2023 by a US-based short seller report called Hindenburg Research. The US-based short seller Hindenburg Research claimed in January 2023 that the Adani Group is participating in accounting fraud, manipulating stock prices, and using tax havens improperly.  The Supreme Court ordered market regulator SEBI to investigate the Hindenburg allegations and provide its conclusions.

SC Rejects To Transfer Case to SIT

The Supreme Court has rejected to interfere in the SEBI investigation. Chief Justice DY Chandrachud, Justice JB Pardiwala, and Justice Manoj Mishra, who comprised the bench, declared that the SEBI investigation was appropriate and that the agency was qualified to look into this matter. In the Adani Hindenburg case, the market regulator has finished looking into 22 of the 24 cases; the remaining 2 cases require further investigation, which the Supreme Court has granted three months for completion.