NEW DELHI: The Supreme Court will pronounce its verdict on Wednesday on a batch of pleas filed by many, including lawyers and Congress leaders, seeking an investigation of allegations of fraud made against business conglomerate, Adani Group of companies in the Hindenburg Research report.
A three-judge bench of the Supreme Court, headed by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chandrachud, and also comprising Justices J B Pardiwala and Manoj Misra, will pronounce the judgement tomorrow. They had reserved its verdict on November 24 last year, after hearing from all the petitioners and respondents, the Union of India (UOI) and others in the batch of pleas.
Appearing for one of the petitioners in the case, advocate Prashant Bhushan had told the Apex Court that the Securities and Exchange Board of India (SEBI), the market regulator's conduct in the matter had not been credible and trustworthy.
The petitioners had moved the Apex Court and alleged that Adani had inflated its share prices. After these allegations (part of a report by short-seller Hindenberg Research) came to light, there was a sharp fall in the share value of various Adani Group companies, reportedly to the tune of 100 billion dollars.
The petitioners also alleged that the changes to the SEBI Act had also provided a 'shield and an excuse' for the Adani Group's regulatory contraventions and market manipulations to remain undetected.
Supreme Court had earlier in March, last year, ordered the setting up of a six-member committee headed by former apex court judge Justice Abhay M Sapre to investigate the Adani Group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets.