Team Blitz India
NEW DELHI: In a huge victory for the Adani Group, the Supreme Court on January 3 said the George Soros-led OCCRP’s report can’t be the basis for doubting the capital markets regulator SEBI’s investigation into the Hindenburg case.
Delivering the judgment, a Supreme Court bench of Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra said there were no grounds to transfer the probe to a special investigation team.
The Securities and Exchange Board of India (SEBI) has investigated 22 out of the 24 cases linked to the US-based short seller Hindenburg Research’s allegations. The Supreme Court gave the SEBI three months to complete investigation in the remaining two cases.
The Supreme Court also ordered the government and SEBI to check whether Hindenburg has ignored rules in shorting the market and to take action accordingly.
Reliance on newspaper reports and third-party organisations to question the statutory regulator (SEBI) does not inspire confidence. They can be treated as inputs. but not conclusive evidence to doubt SEBI’s probe,” the Supreme Court said.
