close_game
close_game
Live

Adani Hindenburg Case Live: SC directs Sebi to complete probe within 3 months in remaining two cases

Jan 03, 2024 02:29 PM IST

Adani-Hindenburg case live: Chief Justice DY Chandrachud pronounced the verdict in the case that was reserved on November 24.

Adani Hindenburg Case Live: ​The Supreme Court today delivered its judgment on a bunch of petitions seeking an investigation into allegations of accounting fraud and stock manipulation against Adani group companies, published in a research report by US short-seller Hindenburg Research in January 2023.

Billionaire Gautam Adani.
Billionaire Gautam Adani.(Reuters)

Chief Justice DY Chandrachud pronounced the verdict in the case that was reserved on November 24 after the conclusion of the arguments.

The top court said that cannot enter into the domain of the regulatory regime and that the report by Hindenburg “or anything like that” cannot become the basis of a separate probe.

It also directed the Securities and Exchange Board of India (Sebi) to go ahead and continue its probe as per the law.

Here's more on the Adani-Hindenburg case:

  • Hindenburg’s report, which was published in January 2023, claimed “brazen accounting fraud” and “stock manipulation” by the Gautam Adani-led group.
  • Even though the conglomerate rejected the report as “unresearched” and “maliciously mischievous”, it triggered a massive rout of Adani group stocks, which lost over $140 billion in days and forced the cancellation of a 20,000 crore share sale.
  • In March, the Supreme Court set up a six-member panel, led by retired Supreme Court judge AM Sapre, to look into regulatory failure by Sebi and alleged breach of laws by the Adani group. However, in its report submitted two months later, the committee said the allegations of stock price manipulation or violation of MPS norms by Adani group companies cannot be proved “at this stage”.
  • At the same time, the panel raised certain red flags regarding the current Foreign Portfolio Investors (FPI) regulations.
  • In November, the top court observed that it would not be proper for the court to appoint an SIT to look into alleged violations of MPS norms by Adani group companies without there being evidence of lapses on the part of the Sebi, which is already investigating the matter.

Follow all the updates here:

  • Jan 03, 2024 02:29 PM IST

    Adani-Hindenburg case live: Senior advocate Mukul Rohatgi on SC verdict

    Senior advocate Mukul Rohatgi says, "It is the complete exoneration of the Adani group. The court has trusted the SEBI investigation. The Court has said that it trusts SEBI & it does not warrant any CBI or and police probe as demanded in 4 petitions. No material was found to warrant any other investigation."

  • Jan 03, 2024 01:34 PM IST

    Adani-Hindenburg case live: ‘Clean chit to Adani,’ says conglomerate's lawyer

    "Since the Supreme Court has taken a view that the report on 20 out of 22 transactions is clear, I think it is a clean chit to Adani definitely, and there is no doubt about that," Siddharth Luthra, the advocate of Adani Group, tells PTI.

  • Jan 03, 2024 12:22 PM IST

    Adani-Hindenburg case live: Adani Group comapnies shares surge after verdict

    After the Supreme Court disregarded the report submitted by Hindenburg on Adani Group, the share prices of multiple firms under the conglomerate spiked by a cumulative 18% during the early trade hours of Wednesday.

    This was despite both Sensex and Nifty falling flat during the market opening bell.

  • Jan 03, 2024 11:56 AM IST

    Adani-Hindenburg case live: Here's what Congress said on SC verdict

    Congress MP Manish Tewari tells PTI: “I have not read the SC order in detail but they have directed the Sebi to complete their investigation in two months. The fact remains that the allegations made in the Hindenburg report came into the public space a year ago and if the Sebi had been vigilant or they would have been swift, the investigation would have been completed a long time back.”

  • Jan 03, 2024 11:48 AM IST

    Adani-Hindenburg case live: What all SC said

    The Supreme Court of India on Wednesday refused to form a Special Investigation Team (SIT) into allegations levelled by American short-seller Hindenburg against the Adani Group. It, however, asked SEBI to complete its probe into the pending two cases against the Gautam Adani-led conglomerate within three months. Click here to read what all the top court said.

  • Jan 03, 2024 11:40 AM IST

    Adani-Hindenburg case live: ‘Truth has prevailed,’ Gautam Adani reacts to SC verdict

    Adani Group founder Gautam Adani has reacted to the Supreme Court verdict.

    “Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue. Jai Hind," Adani wrote on X.

  • Jan 03, 2024 11:19 AM IST

    Adani Hindenburg case live: What petitioner Vishal Tiwari said

    Advocate and petitioner Vishal Tiwari told PTI: “The Supreme Court has very clearly said that whatever report, given by any third party, cannot be taken as conclusive proof and there must be evidence that may support (the case).”

  • Jan 03, 2024 11:03 AM IST

    Adani Hindenburg case live: SC directs Sebi to complete probe within 3 months

    The Supreme Court has also ordered Sebi – the country's markets regulator – to complete its investigation in the remaining two cases into the Adani group within three months.

  • Jan 03, 2024 10:56 AM IST

    Adani Hindenburg case live: Supreme Court on short selling

    The Supreme Court has asked the Union government and Sebi to look into whether there is any infraction of law by the Hindenburg report on short selling and if so.

  • Jan 03, 2024 10:50 AM IST

    Adani Hindenburg Case Live:: Supreme Court's remarks on petitioners

    In the verdict, the Supreme Court has cautioned that petitions lacking adequate research and relying on unverified materials can be counterproductive to the public interest jurisprudence.

  • Jan 03, 2024 10:43 AM IST

    Adani Hindenburg Case Live: SC ask govt and Sebi to consider suggestions by court-appointed panel

    The Supreme Court says that the Union government and Sebi are to consider acting on recommendations made by the court-appointed panel.

  • Jan 03, 2024 10:42 AM IST

    Adani Hindenburg Case Live: SC on Hindenburg report

    The CJI-led bench says that Hindenburg or any other such report cannot become the basis of ordering a separate probe.

  • Jan 03, 2024 10:41 AM IST

    Adani Hindenburg Case Live:: SC says Sebi should proceed and conclude its probe as per law

    The Supreme Court says that Sebi should proceed and conclude its probe as per the law.

  • Jan 03, 2024 10:39 AM IST

    Adani-Hindenburg case Live: SC refuses to nix SEBI's FPI regulations

    The CJI-led bench refuses to nix SEBI's FPI regulations, saying courts cannot enter into the domain of regulatory regime. It also refuses to interfere with SEBI's probe into the episode and declines to set up a SIT.

  • Jan 03, 2024 10:16 AM IST

    Adani-Hindenburg case Live: Market cap of Adani Group rebounds

    The market cap of Adani Group, just ahead of the Supreme Court verdict, crossed the 15 lakh crore milestone today, climbing from its all time low of 5.8 lakh crore.

  • Jan 03, 2024 09:57 AM IST

    Adani-Hindenburg case Live: SC judgment in 30 minutes

    The Supreme Court will announce the verdict of the Adani-Hindenburg case in around 30 minutes, at 10:30 am today.

  • Jan 03, 2024 09:46 AM IST

    Adani-Hindenburg case Live: What SC said at last hearing?

    In November, the top court observed that it would not be proper for the court to appoint an SIT to look into alleged violations of MPS norms by Adani group companies without there being evidence of lapses on the part of the Sebi, which is already investigating the matter.

  • Jan 03, 2024 09:24 AM IST

    Adani-Hindenburg case Live: Adani shares open in green

    At 9.20 am, shares of the Adani Group companies were at:

    Adani Wilmar: 387 (+5.71%)

    Adani Power: 544 (+4.99%)

    Adani Green Energy: 1,697 (+5.71%)

    Adani Enterprises: 3,075 (+4.97%)

    Adani Total Gas: 1,082 (+8.04%)

    Adani Ports: 1,102 (+2.22%)

  • Jan 03, 2024 09:15 AM IST

    Adani-Hindenburg case Live: What SC panel said in the case

    In March, the Supreme Court set up a six-member panel, led by retired Supreme Court judge AM Sapre, to look into regulatory failure by Sebi and alleged breach of laws by the Adani group.

    However, in its report submitted two months later, the committee said the allegations of stock price manipulation or violation of MPS norms by Adani group companies cannot be proved “at this stage”.

  • Jan 03, 2024 08:59 AM IST

    Adani-Hindenburg case Live: Gautam Adani's group response to Hindenberg

    The Gautam Adani-led Adani Group has rejected Hindenburg's report as “unresearched” and “maliciously mischievous”.

    The report, however, had triggered a massive rout of Adani group stocks, which lost over $140 billion in days and forced the cancellation of a 20,000 crore share sale at the time.

  • Jan 03, 2024 08:52 AM IST

    Adani-Hindenburg case Live: What Hindenburg report alleged

    United States-based firm Hindenburg Research has alleged “brazen accounting fraud” and “stock manipulation” by the Gautam Adani-led group in its report published in January 2023. It also alleged that the conglomerate was involved
    in improper use of tax havens.

  • Jan 03, 2024 08:48 AM IST

    Adani-Hindenburg case Live: CJI to pronounce judgment

    As per the list of businesses published on the court website, Chief Justice DY Chandrachud will pronounce the verdict in the case that was reserved on November 24 after the conclusion of the arguments.

  • Jan 03, 2024 08:42 AM IST

    Adani-Hindenburg case Live: SC to pronounce judgment today

    ​The Supreme Court will today deliver its judgment on a bunch of petitions seeking an investigation into allegations of accounting fraud and stock manipulation against Adani group companies, published in a research report by US short-seller Hindenburg Research in January 2023.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Wednesday, January 03, 2024
Start 14 Days Free Trial Subscribe Now