The Supreme Court, led by Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra, will review the request for scheduling PILs concerning the Adani group’s alleged stock price manipulation. Attorney Prashant Bhushan, representing one of the PIL petitioners, informed the bench that these pleas were supposed to be listed for a hearing on August 28.
However, the listing date has been postponed multiple times, according to Bhushan. In response, the Chief Justice stated that he would check with the court registry about this matter. On July 11, the Supreme Court had inquired with the Securities and Exchange Board of India (SEBI) regarding the progress of its investigation into the Adani group’s alleged stock price manipulation.
The court had granted SEBI until August 14 to complete its inquiry and emphasized the need for an expedited investigation. Subsequently, SEBI submitted a status report on the Adani-Hindenburg probe, mentioning its ongoing investigations and the requirement for information from offshore tax havens.
SEBI reported that it had concluded investigations in 22 out of 24 matters and would take appropriate action based on the outcomes. The allegations included stock price manipulation, failure to disclose related party transactions, and potential insider trading violations within the Adani group.
In a May 17 decision, the Supreme Court had extended the deadline for SEBI to complete its probe. An expert committee appointed by the Supreme Court had previously reported that it did not find a clear pattern of manipulation in Gautam Adani’s companies and identified regulatory limitations between 2014 and 2019.
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The committee’s report was made available to the involved parties to facilitate further deliberations. The Adani Group had faced significant challenges in the stock market following allegations made by Hindenburg Research, including claims of fraudulent transactions and share-price manipulation. The Adani Group rejected these allegations, asserting that it complies with all legal and disclosure requirements.
