SC Adjourns Date Of Hearing To 20 October In The Adani-Hindenburg Case

Adani Group companies' shares traded lower due to the ongoing hearing in the apex court

Updated on: 13 October 2023 2:36 pm

Hindenburg Research is a US-based forensic financial research firm and activist short-seller

The hearing in the Adani-Hindenburg dispute was postponed by the Supreme Court on Friday.

As per CNBC-TV18, the matter will now be heard by the Supreme Court on October 20.

Adani Group equities, which comprise Adani Enterprises, Adani Ports & SEZ, and Adani Power, among others, are still trading down in light of today's Supreme Court hearing in the Adani-Hindenburg case.

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The stock prices of Adani Enterprises, Adani Power, Adani Total Gas, and Adani Wilmar all had declines exceeding 1 per cent, while the stock prices of Adani Ports & SEZ, Adani Energy Solutions, and Adani Green Energy decreased between 0.7 per cent and 1 per cent.

The Securities and Exchange Board of India (SEBI), the market regulator, presented a new status report, which the top court considered in the Adani-Hindenburg case today.

A PIL in the Adani-Hindenburg controversy last month claimed that SEBI had concealed the Directorate of Revenue Intelligence's (DRI) letter regarding the suspected stock manipulation by the Adani companies and withheld crucial information from the Supreme Court.

With the exception of two charges against the Adani Group, Sebi informed the Supreme Court in August that it had concluded its investigation. It is currently awaiting information from five tax havens regarding the true owners of the foreign firms that have invested in the conglomerate.

Meanwhile, a new plea challenging the credibility of the current expert committee investigating the Adani Group's Hindenburg report and accusing it of stock manipulation was submitted to the Supreme Court of India last month.

The plea requested that the Supreme Court appoint a fresh panel made up of people who have impeccable moral character and no financial stakes in the Hindenburg report case.

This year in January, the US-based short seller Hindenburg Research made accusations against Adani Group for allegedly engaging in unlawful use of tax havens, accounting fraud, and stock price manipulation.

The report's release caused the shares of the Adani group to plunge, wiping off about $150 billion in market value.