A petitioner in the matter concerning the Hindenburg report regarding the Adani Group has requested an early listing and subsequent hearing before the Supreme Court on Monday.
Advocate Prashant Bhushan, representing one of the petitioners, informed the top court that the matter was initially scheduled for a hearing on 28 August but has been deferred and not rescheduled.
A bench headed by Chief Justice of India DY Chandrachud stated that it would direct the registrar to review the matter and advised the lawyer to bring it up again tomorrow, assuring further consideration.
Previously, the Securities and Exchange Board of India (SEBI) submitted a status report to the Supreme Court, updating it on the progress of investigations stemming from the Hindenburg report. Out of the 24 investigations initiated as per the top court’s order dated 2 March 2023, SEBI has concluded 22 investigations, with two remaining as interim inquiries.
In May, the Apex Court granted an additional three months to SEBI to complete its investigation into the Hindenburg report. The court had initially directed SEBI to investigate potential securities law violations by the Adani Group following the report, which had caused a significant drop in the Adani Group’s market value, exceeding $140 billion.
On 2 March, the top court had established an expert committee to address issues arising from the Hindenburg Research report on Adani Group companies. This committee, comprising six members and headed by former Supreme Court judge Justice AM Sapre, was tasked with the investigation.
At that time, the apex court had also instructed SEBI to file a status report within two months. The Supreme Court was addressing petitions related to the Hindenburg report and the formation of a committee to regulate mechanisms for safeguarding investors’ interests.