Adani-Hindenburg case: Supreme Court to announce verdict on January 3

The Supreme Court is set to deliver its judgment on January 3 in the Adani-Hindenburg case, involving a series of petitions seeking a court-monitored investigation into allegations made by US-based firm Hindenburg Research against the Adani group. The accusations pertain to potential violations of stock market regulations.

Chief Justice of India (CJI) DY Chandrachud is the author of the judgment, as per the Supreme Court's causelist. The CJI-led bench had reserved the pleas related to the Adani-Hindenburg issue for orders on November 24. Throughout the hearing, the bench suggested that it would issue directions to the Securities and Exchange Board of India (SEBI), the markets regulator. The CJI emphasized that the court's intervention was aimed at strengthening the existing regulatory framework to safeguard investor wealth.

During the proceedings, CJI Chandrachud highlighted that SEBI could not be instructed to investigate based solely on media reports. He also stated that there was no evidence to question the credibility of SEBI's investigation into the matter. Chandrachud cautioned the lawyers representing the petitioners to be responsible and make reasonable requests, stressing that the Supreme Court should not be approached without substantial evidence.

The case originated in January when Hindenburg accused the Adani group of "brazen stock manipulation and accounting fraud." The Adani group refuted these allegations, dismissing the report as a "calculated attack on India." Following numerous public interest litigations (PILs), the Supreme Court formed an expert panel in March 2023 to investigate the issue and propose recommendations for enhancing the regulatory framework. SEBI was given until May to complete its investigation, with a subsequent extension until August 14. On November 24, SEBI informed the court that it had largely concluded its investigation and would not seek further extensions.