Supreme Court Rejects SIT, Urges SEBI to Conclude Adani-Hindenburg Controversy Investigation

The Supreme Court has declined to form a Special Investigation Team (SIT) or a group of experts to investigate the Adani-Hindenburg controversy, asserting that media and third-party reports are not conclusive proof. The bench, headed by CJI D.Y. Chandrachud, emphasized that the Securities and Exchange Board of India (SEBI) should conduct its investigation to a logical conclusion according to the law. Solicitor General Tushar Mehta informed the court that 22 out of 24 investigations related to allegations against Adani group companies have been finalized.

The court directed SEBI to conclude the remaining two investigations expeditiously within three months. It dismissed allegations of conflict of interest against the court-appointed expert committee and urged the Central government to consider the suggestions made by the expert panel led by former Supreme Court Judge Justice A.M. Sapre. Additionally, the court called for investigations into allegations of short selling that resulted in a loss of investors’ value.