Supreme Court refuses to form SIT to probe Adani-Hindenburg controversy

Reports by third party organizations such as OCCRP and Hindenburg Research cannot be regarded as “conclusive proof”, says SC

PGurus Newsdesk

January 3, 2024

Reports by third party organizations such as OCCRP and Hindenburg Research cannot be regarded as “conclusive proof”, says SC

SEBI should take its investigation to its logical conclusion by law: SC

On Wednesday, the Supreme Court refused to form any SIT or group of experts to investigate the Adani-Hindenburg controversy.

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

“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 the Adani Group of companies have already been finalized, the bench, also comprising Justices J B Pardiwala and Manoj Misra, asked the market regulator to complete the pending two investigations “expeditiously within three months”.

[With Inputs from IANS]

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