Supreme Court declines to consider plea on Hindenburg report against Adani Group

New Delhi: The Supreme Court on Monday declined to entertain a plea by a lawyer against the court’s registry which refused to list an application seeking a status report from the Securities and Exchange Bureau of Indian (SEBI) on the action taken to address allegations of fraud by US short-seller Hindenburg Research against the Adani group of companies.

A bench of Justices J B Pardiwala and Justice R Mahadevan asked applicant advocate Vishal Tiwari as to how much cost should be imposed him. 

However, after hearing submissions, the bench declined to entertain the plea and no cost was imposed on the petitioner. The development has come weeks after Hindenburg Research announced it was shutting down.

In his application, advocate Tiwari, who had earlier filed the PIL, leading to the SC's order for probe into the matter, challenged the Registrar's order of August 5, 2024 which declined to register his previous application in the matter.

In its January 3, 2024 judgment, the court had then declined to order a CBI or SIT probe and said that market regulator SEBI was conducting a "comprehensive investigation" into the allegations and its conduct "inspires confidence".

The court had then asked SEBI to complete its probe into allegations made by US short seller firm Hindenburg Research, against the Adani Group within three months.