Adani-Hindenburg case: Supreme Court refuses to order SIT probe

The Supreme Court on Wednesday refused to transfer an investigation into allegations of round-tripping and money laundering by the Adani Group from the Securities and Exchange Board of India to a Special Investigation Team, reported Live Law.

A bench comprising Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra was hearing a batch of public interest litigations seeking a court-monitored investigation into allegations by United States-based firm Hindenburg Research that the Adani Group was involved in accounting fraud and improper use of tax havens.

The court had reserved its judgment on November 24.

On Wednesday, the bench directed SEBI, the securities market regulator, to conclude its investigation in the case within three months.

In January, Hindenburg Research in a report alleged that billionaire Gautam Adani’s group was pulling off the “largest con in corporate history”. The report claimed that the conglomerate has been involved in accounting fraud, improper use of tax havens and money laundering.

The Adani Group rejected these allegations but stock prices of the conglomerate’s listed companies still fell sharply.

Subsequently, a batch of petitions was filed in the Supreme Court seeking a court-monitored investigation into the allegations.

In March, the court asked the SEBI to conduct an inquiry into the matter. The court had also constituted a six-member expert committee headed...

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