Adani-Hindenburg Row: Supreme Court To Hear Pleas on May 12

New Delhi: The Supreme Court will hear the pleas on the Adani-Hindenburg dispute on May 12 after ordering the market regulator SEBI to look into claims of stock price manipulation by the Adani group and regulatory disclosure violations on March 2.

Following the losses that the Indian conglomerate’s market value suffered of more than $140 billion by a damaging report by US short-seller Hindenburg, the top court has established a team to examine offering protection to Indian investors.

A bench consisting of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is set to hear the arguments, according to the cause list posted on the website of the Supreme Court.

The hearing gains importance in light of media reports that the six-member committee, led by former Supreme Court Justice A M Sapre, has submitted its report to the court’s top level in a sealed cover. The committee was established to evaluate the current regulatory framework and make recommendations to strengthen the procedure.

Market regulator SEBI recently filed a petition with the Supreme Court asking for an extension of six months so it can finish looking into claims that the Adani company was manipulating stock prices and that there had been regulatory disclosure gaps.

After Hindenburg Research levelled a slew of accusations against the business conglomerate, including those about illegal transactions and share-price manipulation, Adani Group equities suffered losses on the stock exchanges.

The Adani Group has denied the accusations, claiming that it abides by all legal and disclosure obligations.