A special bench of the Supreme Court on Friday assembled for the hearing of the Adani-Hindenburg case and decided to pronounce orders on May 15 after examining Expert Committee Report. This case is the second of two cases listed for the day and will be heard after the first case.

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The Supreme Court is hearing the Securities and Exchange Board of India (Sebi)'s plea seeking a six-month extension to complete the probe into the Adani-Hindenburg allegations.

During the hearing, the Court cautioned against making any comments about regulatory failure without first examining the report of the expert committee. The top court emphasised that public comments can affect public confidence and must be made with due caution.

It further said that it will examine the report before deciding on SEBI's plea for an extension and has scheduled the matter to be heard on Monday, and orders will be passed accordingly, the court said.

The Adani-Hindenburg case has garnered widespread attention and has been a topic of discussion in the legal and business circles. The case pertains to allegations of financial irregularities and fraud in the dealings between the Adani Group and the now-defunct German leasing company, Hindenburg.

The issue dates back to January 24, 2023, when Investment research firm Hindenburg Research released a report alleging India’s Adani Group engaged in a stock manipulation and accounting fraud scheme over decades.

Soon after the report's release, Adani Group entities faced a sharp correction in the stock market, eroding close to Rs 1 lakh crore in market capitalisation. Since then, the group is no longer the $100 billion enterprise it once used to be.

Adani group, on January 29, released a 413-page statement calling the Hindenburg report a "calculated attack" on India. Later, in a surprise move, Adani group called off the FPO of Adani Enterprises.

Also Read: Adani-Hindenburg case | SC to hear Sebi's plea seeking six-month extension to complete probe

First Published:May 12, 2023 3:33 PM IST