SC decision on Adani-Hindenburg probe panel today: 5 things you must know

The Supreme Court (SC) will on Thursday pronounce its order on setting up a panel of domain experts to strengthen existing regulatory measures for the stock markets after the Adani-Hindenburg saga. The apex court had reserved its order on February 17.

The bench delivering the verdict will have Chief Justice of India (CJI) DY Chandrachud and Justices PS Narasimha and JB Pardiwala.

Since the US-based short seller Hindenburg Research released its report in January, the Adani Group stocks have taken a beating. The group's total market cap has been eroded by over $130 billion. According to Bloomberg Billionaires Index, Gautam Adani's wealth has diminished by $77.5 billion in 2023 alone.

The report made several allegations against the Adani Group, including fraudulent transactions and share-price manipulation. The Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

SC decision in Adani-Hindenburg case today: 5 things you should know

Till now, four PILs have been filed in the apex court on the issue.

The first one sought direction from the Centre to make a committee, monitored by a retired Supreme Court judge, to inquire into the Hindenburg Research report.

The second sought prosecution of Hindenburg's founder Nathan Anderson and his associates in India for "artificial crashing" of the Adani Group stocks. The third PIL sought an investigation against Adani Group companies based on the report's allegations. The fourth sought a probe by central agencies against the Adani Group.

The PILs have also sought to form a committee or appoint a Supreme Court judge to oversee the inquiry and the investigation.

On February 17, the Centre told the apex court that they would submit their suggestions for the panel in a sealed cover. The SC refused to accept it. The court also denied the appointment of a retired judge to the panel.

Stressing that statutory bodies like the market regulator Securities and Exchange Board of India (SEBI) are fully equipped and are on the job, the Centre had expressed apprehension that any unintentional message to the investors that regulatory bodies in India needed monitoring by a panel may have some adverse impact on the flow of money into the country.