No need for SIT probe Adani-Hindenburg into row: Supreme Court

The Supreme Court's decision on Wednesday has given a big relief to the Adani Group. The Supreme Court in its judgment said that the Hindenburg case cannot serve as a basis to challenge the investigation by capital markets regulator SEBI.

A bench headed by Chief Justice of India DY Chandrachud and comprising Justices JB Pardiwala and Manoj Mishra said no valid reasons exist for transferring the investigation to the Special Investigation Team (SIT).

SEBI had investigated 22 out of 24 cases related to allegations made by US-based short seller Hindenburg Research. The court gave SEBI an additional three months to complete its investigation in the remaining two cases.

Further, the Court directed both the Government and SEBI to assess if Hindenburg has flouted market shorting rules and take appropriate action based on their findings.

Chief Justice Chandrachud, while delivering the judgement emphasised that third-party reports lacking verification cannot be considered solid evidence.