Supreme Court dismisses plea against Adani-Hindenburg order: ‘No error apparent’

The Supreme Court dismissed a plea seeking a review of its order declining a Special Investigation Team (SIT) into the Adani-Hindenburg issue over allegations of stock price manipulation.

A bench comprising Chief Justice D Y Chandrachud, Justices J B Pardiwala and Manoj Misra, dismissed the review plea filed by one of the petitioners in the original case, Anamika Jaiswal, and said that there is “no error apparent on the face of the record.”

“The review petition is, therefoe, dismissed,” the bench said in its order dated May 8, which was uploaded on Monday.

The court had refused to interfere with the Securities and Exchange Board of India (Sebi) probe into the Adani-Hindenburg case on June 3.

In its verdict, the Supreme Court held that there was ‘no ground to transfer the investigation from SEBI to SIT’, adding that the Organised Crime and Corruption Reporting Project (OCCRP)’s report can’t be the basis for doubting the Sebi report.

On February 13, a petition was filed by Jaiswal, seeking a review of the Supreme Court’s judgement on the earlier plea.

The plea stated that there were “apparent errors” in the earlier Supreme Court’s order, which denied the formation of a SIT to investigate the “massive fraud involving market manipulation through offshore entities owned by promoters of the Adani Group”.

The petition had alleged that there are several instances where SEBI’s regulatory failures are readily apparent.

“Such failures have eventually contributed to alleged regulatory contraventions and statutory violations,” the review plea had stated.