The Supreme Court has dismissed a plea seeking a review of its January 3 verdict, which refused to transfer the probe into allegations of stock price manipulation by the Adani Group to a special investigation team (SIT) or the Central Bureau of Investigation (CBI). A bench comprising Chief Justice of India D Y Chandrachud, Justice J B Pardiwala, and Justice Manoj Misra reviewed the plea filed by Anamika Jaiswal, a petitioner who had initially sought the transfer of the investigation.
Key points from the SC's decision
"Having perused the review petition, there is no error apparent on the face of the record. No case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013. The review petition is, therefore, dismissed," the bench said in its order dated May 5. The review petition was considered by the judges in chamber.
Background of the case
In a significant win for the Adani Group, the top court on January 3 declined to order a CBI or SIT probe into the allegations. The apex court had stated that market regulator SEBI (Securities and Exchange Board of India) was conducting a "comprehensive investigation" into the allegations, and its conduct "inspires confidence."
The review petition claimed there were "mistakes and errors" in the judgment and that new material had been received by the petitioner's counsel, providing sufficient grounds for a review of the verdict. The plea argued that SEBI's report to the court only updated the status of the 24 investigations it had undertaken following the allegations, without disclosing any findings or details of actions taken.
Supreme Court's findings
In its January 3 verdict, the Supreme Court noted that SEBI had completed its investigation in 22 out of the 24 matters where allegations had been levelled against the Adani Group. The review petition contended, "There are apparent errors on the face of the impugned order dated January 3, 2024, wherein this court rejected the petitioner's prayer to constitute a court-monitored SIT into the massive fraud involving market manipulation through offshore entities owned by promoters of Adani Group. Hence, the impugned judgment is liable to be reviewed."
Implications of the decision
The Supreme Court's earlier verdict had come in response to a batch of petitions concerning the Adani-Hindenburg Research row over allegations of stock price manipulation by the Indian business conglomerate. The Adani Group stocks had experienced significant volatility on the bourses after Hindenburg Research made numerous allegations, including those of fraudulent transactions and share-price manipulation. The Adani Group had dismissed these charges as lies, asserting its compliance with all laws and disclosure requirements.
With the dismissal of the review plea, the Supreme Court has upheld its earlier decision, allowing SEBI to continue its investigation into the Adani Group without the intervention of a special investigation team or the CBI. This decision reinforces the court's confidence in SEBI's ability to conduct a thorough and impartial investigation into the allegations.
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