The Supreme Court will soon announce its verdict on the Adani-Hindenburg row, involving allegations of stock price manipulation against the Indian company Adani Group. The court will address petitions filed by lawyers, Congress leaders, and investors, arguing that the Adani Group artificially inflated its share prices following a report by short-seller Hindenburg Research.
The Supreme Court is expected to decide on Wednesday on the Adani-Hindenburg issue, which alleges stock price manipulation by the Indian multinational giant. At 10:30 AM, Chief Justice D Y Chandrachud, justices J B Pardiwala and Manoj Misra will rule on four petitions brought by lawyers Vishal Tiwari, M L Sharma, Congress leader Jaya Thakur, and Anamika Jaiswal. These lawsuits claim that the Modi government-affiliated Adani Group artificially raised its share values, causing a large decrease after Hindenburg Research released a study.
Last November 24, the bench reserved its verdict. The court refused to “discredit” SEBI, which investigated the Adani Group claims. The court stressed that it doesn’t trust the Hindenburg report and ordered SEBI to investigate. It also asked SEBI how it would protect investor money from market instability and short-selling.
Senior lawyer Prashant Bhushan questioned SEBI’s role during the proceedings, using 2014 information. SEBI Solicitor General Tushar Mehta responded that tales from outside India are increasingly influencing domestic concerns. Mehta said 22 of 24 Adani group complaints were resolved.
One PIL claimed that SEBI Act modifications shielded the Adani Group’s regulatory violations and market manipulations. The Supreme Court ordered SEBI to investigate independently and formed an expert committee led by former Supreme Court judge Justice AM Sapre.
The Hindenburg Research research on Adani Group fraud and share-price manipulation affected its stock prices. The Adani Group refuted the claims, saying it followed all rules and disclosure requirements. The Supreme Court’s ruling on Adani Group’s market manipulation claims is significant.
Conclusion
The Indian Supreme Court will soon issue its decision on the Adani-Hindenburg stock price manipulation case. After short-seller Hindenburg Research claimed the Adani Group inflated its share prices, lawyers, Congress leaders, and media will petition the court. This court has not tried to discredit SEBI, which investigated the claims. The court ordered SEBI to investigate and questioned its intentions to protect investor wealth from market volatility
