BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • Law
      • Supreme Court Rejects Plea For SIT...
      Law

      Supreme Court Rejects Plea For SIT Probe in Adani-Hindenburg Row

      SC in March 2023 had directed a probe in the Hindenberg Research allegations of stock price manipulations by Adani.

      By - Ritika Jain |
      Published -  3 Jan 2024 11:59 AM IST
    • Boomlive
      Supreme Court Rejects Plea For SIT Probe in Adani-Hindenburg Row

      Supreme Court on Wednesday said no valid grounds were raised that necessitated the transfer of the SEBI probe to an SIT in the Hindenburg Research allegations of stock price manipulation by the Adani group of companies. There were no grounds to doubt the market regulator’s probe, the court said.

      The bench, led by Chief Justice of India DY Chandrachud, said there was no regulatory failure on SEBI’s part and the market regulator cannot be expected to carry on with its work based on press reports.

      The top court clarified, “Investigative reports by press can act as inputs for SEBI but cannot be taken as credible evidence or a proof of regulatory failure by SEBI and it cannot cast doubt on the investigation being carried on by a statutory body.”

      The Supreme Court acknowledged that though it had a right to transfer a probe to authorities like the CBI it should be done “sparingly” and that too only after it has been proved that the investigative agency acted in a biased manner.

      In the present case, the court said there were no grounds to doubt SEBI and no reason to transfer the probe. Such a plea can only be raised if there is a wilful or deliberate violation of rules, the Court added. The bench further noted that SEBI had completed its probe in 22/24 cases. The bench also noted the assurance given by Solicitor General Tushar Mehta that the probe was nearing its conclusion and directed SEBI to complete its investigation in the pending cases within three months.

      The bench, which also comprised Justices JB Pardiwala and Manoj Mishra, found merit in SEBI’s arguments and concluded that there was no reason to interfere in its delegatory legislative powers. The court will not ordinarily supplant this role, the bench said.

      The top court further observed there were no infirmities with the Foreign Portfolio Investors (FPI) and Listing Obligations and Disclosure Requirements (LODR) regulations and no valid grounds were raised to direct the market regulator to withdraw its amendments on the same.

      The top court’s verdict comes a year after the Hindenburg research made its report public on January 24.

      In March 2023, the top court directed SEBI to probe the Hindenburg Report allegations against the Adani Group of companies. The apex court had also constituted a six-member committee to investigate and suggest remedial measures, if any, in the existing regulatory framework.

      The six-member committee was led by ex-Supreme Court judge AM Sapre and comprised ex-chief of the New Development Bank of BRICS countries KV Kamath, ex-SBI chairman OP Bhatt, Infosys co-founder Nandan Nilekani, advocate Somasekhar Sundaresan and ex-High-Court judge JP Devadhar.

      Also Read: Not Possible To Conclude Regulatory Failure By SEBI: SC Panel On Adani
      Also Read: SEBI to Probe Adani-Hindenburg Saga, SC Committee to Review Regulatory Framework
      Also Read: Surveillance Restrictions On Adani Enterprises Lifted By National Stock Exchange


      Tags

      Adani GroupSupreme Court Of IndiaHindenburg Research
      Read Full Article
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!