In May, SC Dismissed Plea Seeking Review of its Rejection of Probe into Hindenburg's Adani Allegations

New Delhi: The Supreme Court, in May, dismissed a petition seeking a review of its verdict rejecting a plea for a court-monitored investigation into stock manipulation allegations against the Adani Group in the Hindenburg Research report.

LiveLaw has reported that a bench comprising Chief Justice of India D.Y. Chandrachud, Justice J.B. Pardiwala and Justice Manoj Misra dismissed the review on May 8.

The Telegraph noted that the order became public knowledge only on Monday, July 15, a week after the Supreme Court reopened following a month-and-a-half summer recess.

The petition had been filed by public interest litigant Anamika Jaiswal who asked for a court-monitored special investigation team or Central Bureau of Investigation probe into the allegations levelled in the US-based short-seller Hindenburg’s report, against the Adani Group.

Hindenburg had accused the Adani group of “brazen stock manipulation” and “accounting fraud scheme” in January 2023. It said that the company is “pulling the largest con in corporate history”. The Adani group had rejected these allegations.

Jaiswal was among the original litigants in the matter, along with advocates Vishal Tiwari and M.L. Sharma and Congress leader Dr. Jaya Thakur.

Jaiswal’s petition was against a January 3 judgement of the Supreme Court in which the court said that it had limited jurisdiction when it comes to the Security and Exchange Board of India’s (SEBI’s) regulatory domain, and so the Board should be allowed to conclude its probe into the allegations into the Adani group.

It said that there is no ground to either transfer the probe from SEBI to an SIT. Notably, in July this year, Hindenburg Research said that SEBI had slapped ‘show cause’ notices on it before and after it released the Adani report.

On May 8, the CJI-led bench said that “there was 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 bench said, according to LiveLaw.