The Supreme Court on Monday dismissed an appeal for further hearing in the Adani-Hindenburg case.
In further relief for the Adani Group, the apex court dismissed an appeal filed by Vishal Tiwari requesting the court to include the second report of Hindenburg in its ambit of investigation on the entire fiasco.
The appeal revolved around compliance with the Apex Court's Jan. 3, 2024, order, which had directed SEBI to complete its pending investigations and submit a report within three months. The Court made it clear that it would not entertain any further petitions related to this matter.
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But this was not the first time Tiwari acted on this issue. His first request to look into the compliance of the January order was rejected on Aug. 5, 2024. The court had then stated that SEBI's investigation delay did not warrant further petitions. This was also because the case was considered settled.
Tiwari then filed another appeal and asked the Apex Court to include Hindenburg's second report in SEBI's investigation. The matter was heard by a bench comprising Justice JB Pardiwala and Justice R Mahadevan.
During the hearing, Justice Pardiwala remarked on whether costs should be imposed on petitioners. However, the bench decided to dismiss the case without imposing any costs.
With the dismissal of appeal, the court made it clear that no further petitions related to the Hindenburg matter would be entertained.
In January last year, the Supreme Court reposed confidence in SEBI's powers and ruled that there was not enough material to transfer the Adani-Hindenburg probe to the Central Bureau of Investigation or a special investigation team.
The top court also disposed of the petitions, finding that the "threshold for a transfer of investigation" has not been made out. The market regulator has been asked to wrap up the pending investigation in the matter within three months.
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