SC Junks Plea Seeking Review Of Its Jan 3 Verdict In Adani-Hindenburg Controversy

A bench comprising Chief Justice of India D Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra junked a review plea filed by one of the PIL petitioners, Anamika Jaiswal,  in the Adani-Hindenburg case challenging the January 3 verdict.

New Delhi:Putting rest to the Adani-Hindenburg controversy, the Supreme Court has said that there was no error apparent on the face of the record in connection with its January 3 verdict, which gave thumbs up to the market regulator Securities and Exchange Board of India (SEBI) probe in the Adani-Hindenburg row and also refused to transfer the investigation to either a special investigation team (SIT) or the Central Bureau of Investigation (CBI).

A bench comprising Chief Justice of India D Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra junked a review plea filed by one of the PIL petitioners, Anamika Jaiswal, in the matter challenging the January 3 verdict. The petitioner, in the review petition, had argued that it cannot be concluded that there was no regulatory failure unless the findings of the SEBI investigations are publicly reported.

The apex court, in an order, which was passed on May 8 but was uploaded recently, said: "Having perused the review petition, there is no error apparent on the face of the record. No case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013. The review petition is, therefore, dismissed. Pending applications, if any, stand disposed of".

The petitioner had argued that there are sufficient reasons which require review of the order passed by the top court on January 3. The plea contended that the order had apparent errors and SEBI’s regulatory failures were overlooked. The plea had argued that SEBI updated the court regarding the status of the 24 investigations it undertook following the allegations but did not disclose any findings or details of action taken.

The apex court, on January 3, had noted that SEBI has completed 22 out of the 24 investigations into the allegations levelled against the Adani group. Against the backdrop of assurance given by Solicitor General Tushar Mehta, who represented SEBI before the court, the apex court had directed the market regulator to complete the two pending investigations expeditiously preferably within three months.

US-based short-seller Hindenburg Research in January 2023, had accused the Adani Group of fraud and "brazen" stock price manipulation.