SC Rejects SIT Probe in Hindenburg Case, Supports SEBI Investigation
GG News Bureau
New Delhi, 3rd Jan. In a significant win for the Adani Group, the Supreme Court ruled on Wednesday that the report by OCCRPs, led by George Soros, cannot be used to question the investigation conducted by SEBI, the capital markets regulator, in the Hindenburg case.
The judgment was delivered by a bench comprising Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra, who stated that there were no valid reasons to transfer the investigation to a special team.
SEBI has already investigated 22 out of the 24 cases related to the allegations made by US-based short seller Hindenburg Research.
Additionally, the court has directed the government and SEBI to examine whether Hindenburg has violated any market shorting rules and take appropriate action.
“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 today.
“Before concluding, public interest jurisprudence was developed to provide access to ordinary citizens… petitions that lack adequate research and rely on unsubstantiated reports cannot be accepted,” the court said.
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