The Supreme Court of India has expressed concern about the repeated deferral of the listing for hearing of Public Interest Litigations (PILs) related to allegations of stock price manipulation by the Adani Group. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra was informed by lawyer Prashant Bhushan, representing one of the PIL petitioners, that the pleas were initially scheduled for a hearing on August 28 but have been deferred repeatedly.
The court stated that it would have the registry look into the issue. The PILs relate to allegations of stock price manipulation and other irregularities concerning the Adani Group, a major conglomerate in India.
In July, the Supreme Court had asked the Securities and Exchange Board of India (SEBI) about the status of its ongoing investigation into the allegations of stock price manipulation by the Adani Group.
The court granted SEBI time until August 14 to complete its probe, emphasizing the need for expeditious action. SEBI subsequently filed a status report on its probe and stated that it was awaiting information from tax havens regarding the actual owners behind foreign investors who have invested in the Adani Group.
The PILs and subsequent investigations were initiated after allegations by Hindenburg Research, which raised concerns about fraudulent transactions and share-price manipulation within the Adani Group. The group has vehemently denied these allegations and maintains that it complies with all applicable laws and disclosure requirements.
The Supreme Court has been closely monitoring this case, and its ongoing interest in the repeated delays in hearing the PILs is indicative of the significance and complexity of the matter. Stock price manipulation allegations are a serious matter in the financial markets and can have significant legal and financial consequences.
As the investigation progresses, both SEBI and the court will continue to assess the evidence and take appropriate actions based on the findings. The case highlights the importance of maintaining transparency and integrity in financial markets and addressing any allegations of wrongdoing through the appropriate legal channels.
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