SC Refuses to Form SIT to Probe Adani-Hindenburg Controversy

The Supreme Court on Wednesday refused to form any SIT or group of experts to conduct an investigation into the Adani-Hindenburg controversy.

“SEBI should take its investigation to its logical conclusion in accordance with law. The facts of this case do not warrant a transfer of investigation from SEBI,” held a bench presided over by CJI D.Y. Chandrachud.

Taking note of the submission made by Solicitor General Tushar Mehta that 22 out of 24 investigations relating to the allegations against Adani group of companies have already been finalised, the bench, also comprising Justices J.B. Pardiwala and Manoj Misra, asked the market regulator to complete the pending two investigations “expeditiously within a period of three months”.

The top court said that reports prepared by third party organisations such as the Organized Crime and Corruption Reporting Project (OCCRP) and Hindenburg Research cannot be regarded as “conclusive proof”.