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regular-article-logo Monday, 06 May 2024

Adani-Hindenburg case: CJI DY Chandrachud to look into delay in hearing

Market regulator Sebi had on August 25 submitted an updated status report stating it had completed investigations into 22 of the 24 aspects of the alleged stock market manipulation by the Adani group that it had been assigned to probe

R. Balaji New Delhi Published 07.11.23, 05:16 AM
Supreme Court of India.

Supreme Court of India. File Photo

Chief Justice of India D.Y. Chandrachud on Monday said he would ask the Supreme Court registry to look into complaints that the matter relating to alleged stock market manipulation by the Adani group, originally listed for August 28, was being repeatedly deferred.

Justice Chandrachud, sitting on a bench with Justices J.B. Pardiwala and Manoj Misra, gave this assurance to advocate Prashant Bhushan after the counsel made an oral mention before the start of the day’s proceedings that the matter was being repeatedly deferred.

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“The matter was listed for hearing on August 28, but it is being repeatedly deferred. It is getting deferred, deferred, deferred….” Bhushan said.

Justice Chandrachud said: “I will ask the registry to look into the issue. You can make a mention of it tomorrow morning.”

Market regulator Sebi had on August 25 submitted an updated status report stating it had completed investigations into 22 of the 24 aspects of the alleged stock market manipulation by the Adani group that it had been assigned to probe.

The apex court had assigned the 24 investigations to Sebi following the Hindenburg Research report that accused the business conglomerate of accounting fraud and stock manipulation.

“…Out of 24 investigations, 22 are final in nature and two are interim in nature,” Sebi told the court.

The investigation also covers possible insider trading by Adani Power Limited, Ambuja Cements and Adani Green Energy Limited.

Sebi had filed the August 25 status report in response to the apex court’s directions of March 2, 2023, that the regulator “shall expeditiously conclude the investigation within two months and file a status report”.

The order came on a batch of petitions moved by advocate Vishal Tiwari, Manohar Lal Sharma and others.

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