Adani-Hindenburg Case: Supreme Court Hearing Deferred to October 20

Adani-Hindenburg Case: Supreme Court Hearing Deferred to October 20

VoM News Desk | October 13, 2023 | 04:25 PM IST | Breaking News, Courts & Law | Follow on Google News

Adani-Hindenburg Case: Supreme Court Hearing Deferred to October 20

Adani-Hindenburg Case: Supreme Court Hearing Deferred to October 20

The Supreme Court of India has postponed the hearing in the Adani-Hindenburg case. The case will now be heard on October 20, according to CNBC-TV18.

In the meantime, Adani Group stocks, including Adani Enterprises, Adani Ports & SEZ, Adani Power, and others, have continued to trade lower during the ongoing Adani-Hindenburg case hearing in the Supreme Court. Adani Enterprises shares fell by over 3%, followed by Adani Power, Adani Total Gas, and Adani Wilmar, which declined by over 1%. Adani Ports & SEZ, Adani Energy Solutions, and Adani Green Energy saw declines in the range of 0.7%-1%.

The apex court was slated to hear the Adani-Hindenburg case, focusing on the fresh status report filed by the market regulator, the Securities & Exchange Board of India (SEBI). Last month, a public interest litigation (PIL) in the Adani-Hindenburg dispute had accused SEBI of concealing critical information from the Supreme Court and suppressing the Directorate of Revenue Intelligence’s (DRI) letter regarding alleged stock manipulation by the Adani companies.

In August, SEBI informed the Supreme Court that it had concluded its investigation into all but two allegations against the Adani Group and was still awaiting information from five tax havens regarding the actual owners behind the foreign entities that invested in the conglomerate.

Furthermore, a fresh plea was submitted to the Supreme Court last month, questioning the integrity of the existing expert committee examining the Hindenburg report on the Adani Group. The plea urged the apex court to establish a new panel comprising individuals with unblemished integrity and no conflicts of interest related to the Hindenburg report.

In January of this year, US-based short seller Hindenburg Research made allegations of accounting fraud, stock price manipulation, and improper use of tax havens against the Adani Group. These accusations led to a sharp decline in the stock market value of Adani Group shares, wiping out close to $150 billion at its lowest point.

Following these allegations, the Supreme Court directed SEBI to investigate the claims and submit its findings. In March, a separate six-member expert panel was formed to examine the regulatory aspects of the allegations. In May, this panel reported that SEBI’s investigations had yielded no substantial results and characterized the ongoing pursuit of the case as a “journey without a destination.”

VoM News Desk

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