The Supreme Court will not issue any order to stop media coverage regarding the Hindenburg Report and its impact on the Adani group companies.
A bench of Chief Justice of India (CJI) DY Chandrachud and Justice PS Narasimha and Justice JB Pardiwala made the remarked while hearing a petition filed by advocate ML Sharma seeking to Ban media from reporting on the Adani-Hindenburg issue till the court delivers its verdict.
“We are not going to issue any injunction to the media ever. We will pronounce orders shortly,” the CJI stated clearly.
On February 17, the Supreme Court reserved its decision in a batch of four petitions concerning the report published by short-seller Hindenburg Research alleging fraud on the part of the conglomerate, as a result of which the Adani Group suffered losses in excess of $100 billion.
Advocate Sharma, one of the four petitioners, has asked the SEBI and the Union Home Ministry to conduct an investigation and file a First Information Report (FIR) against Nathan Anderson, the founder of Hindenburg Research, and his associates in India.
Advocate Sharma has also sought a gag order to prevent media reports about listed companies from being published unless they are first filed with and verified by the SEBI.
He attempted to press this petition on Friday which the Court declined to entertain.
On February 17, the top court rejected the Central Government’s suggestion in a sealed cover on the way forward with regard to the Hindenburg Research report on the Adani Group of companies and the resulting market impact.
A bench led by Chief Justice of India DY Chandrachud then stated that the Court will instead appoint a committee on its own because accepting the government’s sealed cover suggestion could give the impression that it is a committee appointed by the government.
The court then reserved its verdict which is yet to be pronounced.
