The court rejected the petition to transfer the probe to CBI, and directed market regulator SEBI to finish the remaining two probes in three months. A three-judge bench headed by Chief Justice DY Chandrachud and Justices JB Pardiwala and Manoj Misra are hearing the case. The judges said that the power of the court to enter the regulatory framework of SEBI is limited.
-Published in January 2023, Hindenburg’s report boldly asserted “brazen accounting fraud” and “stock manipulation” within the Gautam Adani-led group.
-Despite vehement denials from the conglomerate, labeling the report as “unresearched” and “maliciously mischievous,” its repercussions were seismic. Adani group stocks plummeted, shedding over $140 billion within days.
-Responding to the crisis, the Supreme Court assembled a six-member panel, spearheaded by retired Supreme Court judge AM Sapre, to scrutinize regulatory lapses by Sebi and alleged legal breaches by the Adani group.
-However, the committee’s report, submitted two months later, cautiously stated that allegations of stock price manipulation or violation of MPS norms by Adani group companies could not be substantiated “at this stage.”
-While absolving the Adani group of certain accusations, the committee concurrently raised concerns about the prevailing Foreign Portfolio Investors (FPI) regulations.
In a nuanced exploration of the situation, the top court in November underscored the need for evidence of lapses by Sebi before considering the appointment of an SIT to investigate alleged violations of MPS norms by Adani group companies.
This intricate legal dance highlights the intricate complexities surrounding the case and the cautious approach adopted by the judicial system.
In a noteworthy development, the Supreme Court dismissed key demands from petitioners attempting to obstruct the ongoing SEBI investigation into allegations raised by Hindenburg Research.
Dealing a blow to the petitioners, the apex court rejected the reliance on a third-party report and expressed confidence in SEBI’s management of the case.
-According to the judgment, the Government of India and SEBI are tasked with investigating any violation of law based on the Hindenburg report on short selling and taking appropriate action in accordance with the law.
The Supreme Court (SC) delivered its verdict today, on January 3, regarding a set of petitions seeking an examination of fraud allegations made against the Adani Group of companies in the Hindenburg Research report.
-A bench consisting of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra pronounced the judgment. The pleas contended that the accusations against the Adani Group, seen as close to the Modi government, involved inflating share prices, and after the Hindenburg Research short-selling report, the share value of various group entities sharply declined.
-The Congress on Wednesday said that the Supreme Court’s judgement on matters relating to transactions by the Adani Group was “extraordinarily generous to SEBI”.
The Opposition, finding common ground, sought to confront the BJP during the Budget Session, drawing connections between the ascent of industrialist Gautam Adani’s conglomerate and Prime Minister Narendra Modi’s political prominence.
Amplifying their stance, a coalition of Opposition parties pressed for a Joint Parliamentary Committee (JPC) inquiry into the Hindenburg report.
In response, the ruling party countered by demanding an apology from Congress MP Rahul Gandhi for his comments on the state of Indian democracy during a visit to the UK.
This clash of perspectives led to a protracted gridlock, rendering the Budget Session of 2023 the least productive in the last five years.
The ensuing impasse cast a shadow over the 17th Lok Sabha, indicating that it might register the lowest-ever number of sitting days, underscoring the intensity of the political deadlock.
The intricate web of connections between politicians and corporate entities is a subject that often invites scrutiny and debate. This nexus, while not universally negative, raises questions about the influence of business interests on political decisions and vice versa.On one hand, politicians seek financial support and resources from corporations for election campaigns and party funding. This financial backing can play a pivotal role in shaping electoral outcomes and maintaining a political party’s stability. In return, corporations often anticipate favorable policies, regulatory decisions, or government contracts that align with their business objectives.
Efforts to address this nexus often involve implementing transparent campaign financing, lobbying regulations, and ethical standards for public officials. Striking a balance between the legitimate interaction of politics and business and safeguarding the integrity of democratic institutions remains an ongoing challenge for societies worldwide.
JAPAN PLANE CRASH – 2024
21 Earthquakes Alarm! Tsunami Warning Strikes Fear Along Japan’s Western Shores
QUEEN MARGRETHE OF DENMARK ABDICATING THRONE AFTER 52 YEARS
PEGASUS USED ON INDIAN JOURNALISTS WHILE PROBING ADANI ISSUE