SC Dismisses Plea Seeking Review of Adani-Hindenburg Verdict
The Supreme Court has dismissed a plea seeking a review of its January 3 verdict, which refused to transfer the investigation into allegations of stock price manipulation by the Adani Group to a special investigation team or the CBI.
New Delhi: The Supreme Court has dismissed a plea seeking a review of its January 3 verdict, which refused to transfer the investigation into allegations of stock price manipulation by the Adani Group to a special investigation team or the CBI.
A bench comprising Chief Justice of India D.Y. Chandrachud, Justice J.B. Pardiwala, and Justice Manoj Misra dismissed the review plea filed by Anamika Jaiswal, one of the PIL petitioners.
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.” This decision was made in chambers on May 5.
The Supreme Court’s original verdict on January 3 was a significant win for the Adani Group, as it declined to order a CBI or SIT probe. The court highlighted that the market regulator SEBI was already conducting a “comprehensive investigation” into the allegations, and its conduct “inspires confidence.”
The review petition had argued that there were “mistakes and errors” in the judgment and cited new material received by the petitioner’s counsel as sufficient grounds for a review. It claimed SEBI’s report only updated the court on the status of the 24 investigations it had undertaken, without disclosing any findings or details of actions taken.
In its verdict, the apex court noted that SEBI had completed investigations in 22 out of the 24 matters involving allegations against the Adani Group. The petition contended that there were apparent errors in the January 3 order rejecting the call for a court-monitored SIT probe into the alleged market manipulation by offshore entities owned by Adani Group promoters.
Previously, the Supreme Court’s verdict had addressed a batch of petitions related to the Adani-Hindenburg Research controversy. The Adani Group’s stocks had plummeted following Hindenburg Research’s allegations of fraudulent transactions and share-price manipulation, which the Adani Group vehemently denied, asserting its compliance with all laws and disclosure requirements.
