Adani-Hindenburg Issue: SC Refuses To Accept On Record Forbes Report 

In the latest development in the Adani-Hindenburg issue, the Supreme Court on Monday refused to accept on record report published by Forbes about share dealings of the Gautam Adani conglomerate.

A bench comprised of Chief Justice of India DY Chandrachud, Justice PS Narasimha and Justice JB Pardiwala turned down Dr Jaya Thakur’s request to take into consideration on record report published by Forbes, saying it was published subsequently.

“No, no, we will not take it on record,” the bench stated in response to the recent Adani Group share price drop caused by Hindenburg Research’s report.

On February 17, the apex court had refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market.
The Supreme Court stated that it would prefer not to accept the Centre’s offer in a sealed cover because it wants to retain complete transparency in the interests of investors.

On February 10, the Supreme Court stated that the interests of Indian investors must be safeguarded against market volatility in the aftermath of the Adani Group stock rout and asked the Centre to consider forming a panel of domain experts led by a former judge to investigate ways to strengthen the regulatory mechanism.

Four petitions have been filed in the top court on the Adani-Hindenburg issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and activist Mukesh Kumar.

Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.