New Delhi – Agency
The Supreme Court of India has dismissed an application seeking the Securities and Exchange Board of India’s (SEBI) investigation report on the allegations made by Hindenburg Research against the Adani Group ¹. The application was filed by a lawyer who challenged the court’s August 5, 2024, registrar order that declined to register his previous application in the matter.
The lawyer had sought to direct SEBI to submit its conclusive investigation report on the allegations made by Hindenburg Research, a US-based short seller, against the Adani Group. However, the Supreme Court rejected the application, effectively putting an end to the lawyer’s efforts to seek transparency in the investigation.
The controversy surrounding the Adani Group began in January 2023, when Hindenburg Research made allegations of stock manipulation and money siphoning against the group. Since then, there have been several twists and turns, including allegations of conflict of interest against Madhabi Puri Buch, the Chair of SEBI.
In a related development, the Finance Ministry has invited applications for the post of SEBI Chairperson, putting an end to speculations about whether Buch’s term would be extended. The move comes after Hindenburg Research accused Buch of a “conflict of interest” while investigating the Adani Group.