The Supreme Court today dismissed a plea demanding that the Securities and Exchange Board of India (SEBI) produce its investigative report into allegations made by Hindenburg Research against the Adani Group. The plea was initially declined registration by the Court’s registrar on August 5, 2024, and the subsequent challenge to that decision was also dismissed.
The application, filed by Advocate Vishal Tiwari, sought to compel SEBI to release its findings on accusations made by the U.S.-based short seller, which included allegations of stock manipulation and financial irregularities by the Adani Group. Tiwari’s petition aimed to enforce a swift conclusion to the SEBI probe, referencing a January 3 order by the Supreme Court that directed SEBI to complete its investigation within three months. However, the Court did not mandate any further actions following the completion of the investigation.
This dismissal occurs amid recent developments where Madhabi Puri Buch, Chair of SEBI, faced allegations from Hindenburg of a potential conflict of interest in the ongoing investigation. Despite these accusations, Buch and her husband Dhaval Buch have denied any wrongdoing. The controversy has stirred significant public and media attention, resulting in prolonged scrutiny of Buch’s role and her subsequent decision not to seek a renewal of her term as SEBI’s chairperson.
Furthermore, the Finance Ministry has begun the process of appointing a new SEBI Chairperson, marking a definitive end to speculation over Buch’s tenure amidst the Hindenburg-Adani saga. This shift comes as the ministry recently advertised the position, signaling readiness for new leadership.
