Chief Justice DY Chandrachud's bench to likely hear the case.
The Adani-Hindenburg case is scheduled for a Supreme Court hearing on Friday, November 24, with Chief Justice DY Chandrachud heading the bench. A filed plea this week urges contempt proceedings against SEBI for not concluding its Adani-Hindenburg inquiry within the specified timeframe.
Petitioner Vishal Tiwari alleges SEBI's failure to meet the court's deadline for submitting the report on the Adani-Hindenburg case. Tiwari seeks contempt proceedings against SEBI, citing a violation of the court's specified timeline. The court had granted an extension until August 14, but as of July 11, it questioned SEBI about the status of the ongoing investigation into allegations of stock price manipulation by the Adani group.
Recently, SEBI reported progress on the Adani-Hindenburg probe, citing a delay due to awaiting information from tax havens. The regulatory body has completed the investigation on all but two allegations against the Adani group, with a focus on gathering details from five overseas jurisdictions. The Supreme Court is considering the listing of PILs regarding stock price manipulation allegations against the Adani group.
SEBI, the capital markets regulator, filed a status report on the Adani-Hindenburg probe, citing a delay due to awaiting information from tax havens. The report notes the completion of the probe into all but two allegations against the Adani group, with SEBI still awaiting details from five tax havens on the actual owners behind foreign investments. The Supreme Court is considering the listing of PILs related to stock price manipulation allegations against the Adani group. SEBI acknowledges challenges in establishing the economic interests of shareholders connected to certain foreign portfolio investors in Adani companies located in tax havens and is actively working on gathering details from five overseas jurisdictions.
In October, SEBI requested key documents from the Organized Crime and Corruption Reporting Project (OCCRP) regarding an Ahmedabad-based conglomerate. Despite OCCRP's mention of these documents in a report, they declined to provide them to SEBI.
OCCRP, supported by the United States Department of State and George Soros, is an investigative reporter network. In August, their report, based on internal emails and files from tax havens, alleged that investors used Adani Hindenburg offshore structures to trade Adani shares, following instructions from a senior Adani family member. These allegations surfaced after a January report by the US-based short-seller Hindenburg Research, impacting the group's share value.
