Supreme Court Dismisses Review Petition on Adani-Hindenburg SIT Probe

Supreme Court Dismisses Review Petition on Adani-Hindenburg SIT Probe

VoM News Desk | July 15, 2024 | 11:23 PM IST | Breaking News, Courts & Law | Follow on Google News

Supreme Court Dismisses Review Petition on Adani-Hindenburg SIT Probe

Supreme Court Dismisses Review Petition on Adani-Hindenburg SIT Probe

Key Highlights:

1. Supreme Court dismisses review petition for SIT probe into Adani-Hindenburg issue.
2. Court finds no errors in the original judgment; upholds SEBI’s regulatory role.
3. Petition claimed regulatory failures and sought a court-monitored investigation.

The Supreme Court has dismissed a review petition challenging its decision not to establish a court-monitored Special Investigation Team (SIT) to probe the Adani-Hindenburg issue, which involves allegations of stock price manipulation by the Adani Group. The review petition, filed by Anamika Jaiswal, sought to overturn the January 3, 2024, judgment that declined to transfer the investigation from the Securities and Exchange Board of India (SEBI) to an SIT.

Chief Justice DY Chandrachud, along with Justices JB Pardiwala and Manoj Misra, reviewed the petition and found no apparent error in the original judgment. The bench stated, “Having perused the review petition, there is no error apparent on the face of the record. No case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013. The review petition is, therefore, dismissed.”

The petitioner argued that SEBI had regulatory failures that contributed to alleged market manipulations by the Adani Group. The review plea highlighted amendments made to the FPI Regulations in 2018 and 2019, which, according to the petitioner, diluted regulations concerning beneficial ownership and transparency in offshore investments.

The Supreme Court reaffirmed its stance that the scope of its judicial review is limited to determining violations of fundamental rights and that there was no material to doubt SEBI’s investigation. The court emphasized that SEBI cannot operate solely based on press reports, though such reports can serve as inputs for the regulator.

The original judgment stated that there was no need to transfer the probe to an SIT or another agency, supporting SEBI’s regulatory competence in handling the matter. This verdict came amid multiple petitions seeking a court-monitored investigation or a CBI probe into the allegations made by Hindenburg Research against the Adani Group.

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