New Delhi [India], November 24 (ANI): The Supreme Court heard the Adani-Hindenburg matter on Friday and expressed concerns about levelling irresponsible allegations. Chief Justice of India DY Chandrachud, along with justices JB Pardiwala and Manoj Misra, remarked that it is easy to make allegations against anyone, cautioning the petitioners to show some responsibility.
During the hearing, the court addressed the issue of a member of the expert committee, Somashekhar Sundaresan, who has represented Adani in various forums, including the SEBI Board. CJI DY Chandrachud objected to the petitioner’s submission, emphasizing the need for accountability for the allegations being leveled.
The court also stated that it is easy to make allegations and cautioned that one must be careful. Solicitor General Tushar Mehta informed the court that SEBI is not seeking an extension for further investigation, and investigations in 22 out of 24 cases in the Adani-Hindenburg matter are concluded.
SEBI also agreed in principle with the recommendations of the Expert Committee, addressing concerns about market volatility and investor protection. The court then reserved the order on various aspects related to the issue.
The top court directed SEBI to investigate potential violations of securities law the Adani Group following the Hindenburg report, which led to a significant market value drop. The expert committee was set up in response to this report, and SEBI filed a status report in compliance with the court’s orders.
The court was hearing various petitions related to the Hindenburg report, seeking investor protection and regulatory mechanisms. The January 24 report raised allegations of stock manipulation and fraud the Adani Group, with the group denying the accusations.