New Delhi. The Supreme Court is going to give its verdict today in the case of allegations made against Gautam Adani’s companies by short seller Hindenburg Research. The decision is expected from the Supreme Court bench of Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Mishra at around 10.30 am. On November 24, 2023, the Supreme Court had reserved its decision in this matter. American short seller company Hindenburg Research had released a report in January 2023 alleging major irregularities in Adani Group companies. Politics was also heated in this matter. After which an application was filed in the Supreme Court to investigate Adani Group. The Supreme Court had asked SEBI to investigate the allegations against Adani.
Hindenburg’s report came on 24 January 2023. The short seller firm had alleged that Adani Group fraudulently increases the prices of shares of its companies. Apart from this, Hindenburg had also alleged that Adani’s companies had also made irregularities in the balance sheet. After this, cases were filed in the Supreme Court. Whereas, shares of Adani companies were sold heavily. Due to this, Gautam Adani fell down from the position of third richest person in the world. On March 2, 2023, the Supreme Court had asked SEBI to investigate the allegations made by Hindenburg against Adani. Apart from this, the court had also formed a committee of 6 experts. SEBI had given reports in the court in 22 out of 24 cases. Whereas, interim reports were submitted in 2 cases.
The Supreme Court had scheduled the final hearing of the Adani-Hindenberg Research case on 24 November 2023. That day, Chief Justice DY Chandrachud had told petitioner’s lawyer Prashant Bhushan that we cannot accept Hindenburg’s report as the final truth. On this, Prashant Bhushan had said that SEBI did not investigate Adani Group properly and the court should see that Adani’s shareholders are not cheated. The petitioners had raised doubts on SEBI itself. He said that the Intelligence Directorate had given information about the Adani case to the SEBI chief in 2014 itself. Despite this, SEBI did not investigate. At the same time, Adani Group said that in all the cases in which SEBI had earlier investigated against it, the market regulator had given clean chit to the group.