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Business News/ News / Adani Hindenburg Case Verdict Live Updates: CJI Chandrachud directs Centre, SEBI to probe short-selling allegations
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Adani Hindenburg Case Verdict Live Updates: CJI Chandrachud directs Centre, SEBI to probe short-selling allegations

Adani Hindenburg Case Verdict Live Updates: The pleas claimed the allegations that the Adani Group inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.

Adani Hindenburg Case Verdict Live Updates: Signage atop the Adani Group headquarters in Ahmedabad. (Image Source: Bloomberg)Premium
Adani Hindenburg Case Verdict Live Updates: Signage atop the Adani Group headquarters in Ahmedabad. (Image Source: Bloomberg)

Adani Hindenburg Case Verdict Live Updates: In a significant development, the Supreme Court rejected key demands of petitioners seeking to derail the ongoing SEBI investigation into allegations raised by Hindenburg Research. In a blow to petitioners, the apex court dismissed reliance on a third-party report and affirmed faith in SEBI's handling of the case. The Govt of India and the Sebi to look into whether there is any infraction of law by the Hindenburg report on short selling and if so, take action in accordance with the law, according to the judgement.

The Supreme Court (SC) pronounced its verdict today i.e. on 3 January, on a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra delivered the judgement. The pleas claimed the allegations that the Adani Group, considered close to the Modi government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.

Catch all the LIVE updates on Adani Hindenburg Case Verdict here

03 Jan 2024, 05:49:16 PM IST

Adani Hindenburg Case Verdict LIVE: CPI(M) dubs judgement ‘disappointing’

"The Supreme Court judgement in the Adani case rejecting petitions for an impartial probe is disappointing and unfortunate on several grounds. A statutory body like the SEBI has not been fulfilling its mandate for expeditiously probing allegations against the Adani group," the CPI(M) said in a statement.

03 Jan 2024, 05:23:47 PM IST

Adani Hindenburg Case Verdict LIVE: Congress slams 'extraordinarily generous' SC judgement

03 Jan 2024, 03:13:11 PM IST

Adani Hindenburg Case Verdict LIVE: Shares of Group firms trade higher after verdict

Shares of 10 listed Adani Group firms were trading higher in Mumbai following the verdict. Flagship Adani Enterprises Ltd.’s stock rose 9.1% before the verdict was out to touch its highest level in more than 11 months.

03 Jan 2024, 02:45:04 PM IST

Adani Hindenburg Case Verdict LIVE: News, OCCRP report not conclusive proof says SC

The Supreme Court of India refused to order a SIT probe into allegations levelled against the Adani Group on Wednesday. The Bench led by Chief Justice DY Chandrachud said that news reports or data compiled by the Organizd Crime and Corruption Reporting Project could not serve as conclusive proof.

“The reliance on newspaper articles or reports by third-party organizations to question a comprehensive investigation by a specialised regulator does not inspire confidence. Such reports by independent groups or investigative people by newspapers may act as inputs before the SEBI or the Expert Committee. However, they cannot be relied upon as conclusive proof of the inadequacy of the investigation by SEBI. Nor can the petitioners say that such inputs be regarded as credible evidence," LiveLaw quoted the Bench as stating. 

 

03 Jan 2024, 02:22:36 PM IST

Adani Hindenburg Case Verdict LIVE: ‘Clean chit to Adani,’ says conglomerate's lawyer

 

"Since the Supreme Court has taken a view that the report on 20 out of 22 transactions is clear, I think it is a clean chit to Adani definitely, and there is no doubt about that," Siddharth Luthra, the advocate of Adani Group, told PTI.

03 Jan 2024, 02:21:53 PM IST

Adani Hindenburg Case Verdict LIVE: The damage incurred so far

Despite the conglomerate dismissing the report as "unresearched" and "maliciously mischievous," it instigated a significant downturn in Adani group stocks, resulting in a loss exceeding $140 billion within days and necessitating the cancellation of a 20,000 crore share sale.

03 Jan 2024, 12:53:33 PM IST

Adani Hindenburg Case Verdict LIVE: Congress MP Manish Tewari on verdict

“I have not read the SC order in detail but they have directed the Sebi to complete their investigation in two months. The fact remains that the allegations made in the Hindenburg report came into the public space a year ago and if the Sebi had been vigilant or they would have been swift, the investigation would have been completed a long time back," said, Congress MP Manish Tewari told PTI.

03 Jan 2024, 12:52:08 PM IST

Adani Hindenburg Case Verdict LIVE: Adani Group shares surge after verdict, despite Sensex and Nifty falling flat

 

Following the Supreme Court's dismissal of the Hindenburg report on the Adani Group, the share prices of several companies within the conglomerate surged by a combined 18 per cent in the early trading hours of Wednesday. This notable increase occurred despite a lackluster market opening for both the Sensex and Nifty.

03 Jan 2024, 12:38:30 PM IST

Adani Hindenburg Case Verdict LIVE: Supreme Court's exoneration of Adani marks a positive and optimistic conclusion to the year-end saga, says expert

“The Supreme Court's exoneration of Adani marks a positive and optimistic conclusion to the year-end saga. From Hindenburg Group's accusations in early January 2023 to the subsequent speculations, the Supreme Court Committee in May 2023 found no evident manipulation. In August 2023, SEBI's delayed report cleared Adani in 22 out of 24 cases, with two pending. Today's green signal from the Supreme Court is a breath of fresh air for investors, eliminating doubt and speculation around Adani Group. Moreover, it safeguards confidence in the Indian economy and stock market growth, addressing concerns that could have arisen if the group was proven wrong," Harsh Goela, Co-founder, Goela School of Finance said.

03 Jan 2024, 12:31:31 PM IST

Adani Hindenburg Case Verdict LIVE: Legal experts on verdict

“First and foremost, the Supreme Court has demonstrated confidence in the regulatory framework by declining to intervene in SEBI's investigations without tangible evidence of lapses on SEBI's part. The court explicitly rejected the reliance on unverified third-party reports to cast doubt on the efficacy of India's statutory regulators. This legal pronouncement carries significant weight, affirming the vigilance of India's regulatory system," said, Paras Joshi, associate partner and head of international disputes at Triumvir Law

"Secondly, the court's direction to both SEBI and the Union Government to take proactive measures aligned with the recommendations of the Justice Sapre-led Expert Committee will safeguard the interests of Indian investors effectively. This directive should fortify the financial landscape and prevent any violations of the law, Joshi further added.

03 Jan 2024, 12:13:36 PM IST

Adani Hindenburg Case Verdict LIVE: SEBI had used the term opaque to describe the FPI

SEBI had used the term opaque to describe the FPI which was misconstrued by the expert committee. SEBI says FPI regulations did not prohibit opaque structure and could in fact locate the beneficial owners. mandatory upfront disclosures meant that opaque structure was omitted in 2019, said CJI, as reported by Bar and Bench.

03 Jan 2024, 11:40:56 AM IST

Adani Hindenburg Case Verdict LIVE: Gautam Adani reacts to the court's verdict

“The Hon'ble Supreme Court's judgement shows that: Truth has prevailed. Satyameva Jayate. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue," said, Gautam Adani, Chairperson of Adani Group, in a post on social media platform X.

03 Jan 2024, 11:38:36 AM IST

Adani Hindenburg Case Verdict LIVE: Stocks of Adani group are witnessing profit booking, says expert

“The SC judgment came in favour of the Adani group which is a positive factor for the stock prices as the negativity in the sentiments on the allegations of stock price manipulation by the Adani Group has cooled down. The stocks of Adani group are witnessing profit booking currently as this outcome was much anticipated by the participants and the stocks had already surged before the verdict. However, the Adani Group stocks may further give an upside move of around 5 - 7 percent in thenear term," said, Ravi Singh, Founder of DRS Finvest.

03 Jan 2024, 11:34:05 AM IST

Adani Hindenburg Case Verdict LIVE: Adani Enterprise breaks out of the tide consolidation, says expert

“Shares of Adani Enterprise have broken out of the tide consolidation that occurred in the zone of 3000 to 2700 level, with aggressive volumes. In addition, the positive crossover of 50-simple moving average (SMA) and the 100-SMA has ignited a bullish uptrend. While the price action has entered the overbought category of RSI, the underlying momentum continues to gain robust strength. The stock is headed towards 3400, holding the supports of 2900 and 2800 levels. Stability over 3100 shall spur more impetus to the stock," said, vdhut Bagkar, Derivatives & Technical Analyst at StoxBox.

03 Jan 2024, 11:30:29 AM IST

Adani Hindenburg Case Verdict LIVE: Adani Enterprises and Adani Ports have retreated from their peak levels but remained among the leading gainers

 

Adani Enterprises is currently up around 2.5%, though it is about 5.8 per cent below its intraday high. It stands as the top gainer in the Nifty 50 at this moment. Meanwhile, Adani Ports is trading 1.2 per cent higher but is 4.5 per cent below its highest point. The stock reached a 52-week high of 1,144 per share earlier in the session.

03 Jan 2024, 11:24:09 AM IST

Adani Hindenburg Case Verdict LIVE: SC declares no irregularities in FPI investments

The Supreme Court announced no irregularities detected in FPI investments.

03 Jan 2024, 11:12:03 AM IST

Adani Hindenburg Case Verdict LIVE: SC instructs Sebi to complete probe within 3 months

The Supreme Court has also ordered Sebi to complete its investigation in the remaining two cases into the Adani group within three months.

03 Jan 2024, 11:08:48 AM IST

Adani Hindenburg Case Verdict LIVE: Highlights from the verdict

The court directed the Government of India and SEBI to investigate any potential legal violations of the Hindenburg report on short selling and take appropriate legal action.

CJI underscored that the power to transfer investigations must be exercised under exceptional circumstances, requiring cogent justifications.

The court expressed scepticism regarding reliance on newspaper reports and third-party organizations to question the statutory regulator, considering them as inputs rather than conclusive evidence to doubt SEBI's probe.

CJI concluded by highlighting that while public interest jurisprudence was developed to provide access to ordinary citizens, petitions lacking adequate research and relying on unsubstantiated reports could not be accepted.

03 Jan 2024, 11:03:33 AM IST

Adani Hindenburg Case Verdict LIVE: Highlights from SC Judgement

The Supreme Court emphasized its limited authority to intervene in SEBI's regulatory framework.

The court dismissed calls for SEBI to revoke amendments on FPI and LODR regulations, asserting that these regulations were free from any flaws.

Arguments suggesting a conflict of interest among the Expert Committee members were rejected by the Supreme Court.

CJI emphasized that the Government of India and SEBI should have considered the committee's recommendations to enhance the interests of Indian investors.

03 Jan 2024, 10:54:18 AM IST

Adani Hindenburg Case Verdict LIVE: Government of India and Sebi look into the matter

The Government of India and the Sebi to look into whether there is any infraction of law by the Hindenburg report on short selling and if so, take action in accordance with the law.

03 Jan 2024, 10:45:40 AM IST

Adani Hindenburg Case Verdict LIVE: SEBI has completed investigation in 20 out of 22 matters

SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of Solicitor General, we direct the SEBI to complete the investigation in the other two cases within 3 months, said CJI as quoted by LiveLaw.

03 Jan 2024, 10:43:31 AM IST

Adani Hindenburg Case Verdict LIVE: No ground to transfer the investigation from SEBI to SIT, says Supreme Court

SupremeCourt holds that there is no ground to transfer the investigation from SEBI to SIT.

03 Jan 2024, 10:38:16 AM IST

Adani Hindenburg Case Verdict LIVE: CJI reads out the conclusion

The power of this court to enter the regulatory framework of SEBI is limited. No valid grounds were raised to direct SEBI to revoke its amendments on FPI and LODR regulations. The regulations do not suffer from any infirmities.

03 Jan 2024, 10:28:48 AM IST

Adani Hindenburg Case Verdict LIVE: Adani Group stocks become top gainers ahead of verdict

Adani Ports and Adani Enterprises Ltd. are one of the top gainers on the Nifty 50 index ahead of the Supreme Court verdict on the Hindenburg matter.

03 Jan 2024, 10:23:08 AM IST

Adani Hindenburg Case Verdict LIVE: What expert says

The Supreme Court's likely favourable verdict aligns with positive signals from both the Supreme Court committee and SEBI regarding the Adani Group. Additionally, the US government's dismissal of allegations on Sri Lanka's container terminal project and the approval of a $553 million loan further contribute to a promising short to medium-term outlook for investors. With a buoyant market sentiment, upcoming elections, and the anticipation of the 2024 budget, Adani Group investors have reason to be optimistic, said, Harsh Goela, Co-founder of Goela School of Finance.

03 Jan 2024, 10:21:18 AM IST

Adani Hindenburg Case Verdict LIVE: A quick recap - what happened so far?

Hindenburg's report alleged "brazen accounting fraud" and "stock manipulation" by the Adani group. The Adani group dismissed it, characterizing it as "unresearched" and "maliciously mischievous." Following the January report, Adani group stocks experienced a significant decline, losing over $140 billion within days and prompting the cancellation of a 20,000 crore share sale.

In March, the Supreme Court established a six-member panel, led by retired Supreme Court judge AM Sapre, to investigate regulatory failures by Sebi and alleged violations of laws by the Adani group. The committee stated that, at this stage, the allegations of stock price manipulation or violation of MPS norms by Adani group companies could not be substantiated.

03 Jan 2024, 10:14:29 AM IST

Adani Hindenburg Case Verdict LIVE: SC to announce judgement shortly

The Supreme Court will announce the verdict of the Adani-Hindenburg case at around 10:30 am today.

03 Jan 2024, 10:06:44 AM IST

Adani Hindenburg Case Verdict LIVE: Verdict will be announced by a panel led by CJI DY Chandrachud

 The bench, consisting of Chief Justice of India DY Chandrachud, along with Justices JB Pardiwala and Manoj Misra, had reserved the judgment on November 24, 2023, regarding the PILs seeking a court-monitored investigation into the allegations outlined in the Hindenburg Research report concerning stock price manipulations by the Adani group of companies, according to LiveLaw. During the proceedings, the bench orally stated that there was no evidence to doubt the investigation conducted by the Securities and Exchange Board of India. Additionally, the bench expressed hesitancy in accepting arguments challenging the impartiality of the members of the expert committee formed by the Court to examine the issue.

03 Jan 2024, 09:55:35 AM IST

 Adani Hindenburg Case Verdict LIVE: Market cap of Adani Group rebounds

Adani Group's market capitalization has reclaimed the 15 lakh crore milestone, although it still lags behind the peak of 23 lakh crore. Despite this, the current overall market capitalization is nearly three times the record low of 5.8 lakh crore reached during the Hindenburg saga.

03 Jan 2024, 09:37:36 AM IST

Adani Hindenburg Case Verdict LIVE: Adani stocks rally

Adani stocks surge by around 10 per cent in anticipation of the Supreme Court verdict; Adani, Energy Solutions, Adani Total Gas, Adani Power, and Adani Enterprises witness the most significant gains.

03 Jan 2024, 09:23:11 AM IST

Adani Hindenburg Case Verdict LIVE: Adani Group stocks opens in green ahead of SC's verdict on petitions

Adani Group stocks opened with strong gains in early deals on Wednesday, January 3, ahead of the Supreme Court's verdict on petitions seeking an investigation into fraud allegations against Adani Group companies, as outlined in the Hindenburg Research report.

03 Jan 2024, 09:12:26 AM IST

Adani Hindenburg Case Verdict LIVE: Adani Group's response to Hindenberg report

The Adani Group, led by Gautam Adani, has dismissed Hindenburg's report, labelling it as "unresearched" and "maliciously mischievous." Despite this, the report prompted a substantial decline in Adani Group stocks, resulting in a loss of over $140 billion within days and compelling the cancellation of a 20,000 crore share sale at that time.

03 Jan 2024, 09:04:02 AM IST

Adani Hindenburg Case Verdict LIVE: What happened so far?

In March 2023, the top court directed capital markets regulator Securities and Exchange Board of India (SEBI) to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report. The court had also set up an expert committee comprising six members, headed by former top court judge Justice AM Sapre.

03 Jan 2024, 09:02:40 AM IST

Adani Hindenburg Case Verdict LIVE: SC to declare verdict today

The Supreme Court (SC) is expected to pronounce the judgment today, January 3, in a batch of petitions seeking examination of allegations of fraud made against the Adani Group of companies in the Hindenburg Research report. The top court had reserved its judgment pertaining to the same case in November last year.

03 Jan 2024, 08:35:08 AM IST

Adani Hindenburg Case Verdict LIVE: Adani Group stocks in focus ahead of Supreme Court verdict on Hindenburg today

Adani Hindenburg Case Verdict LIVE: Adani Group stocks are expected to be on investors' radar on Wednesday, January 3, ahead of the Supreme Court's verdict on petitions seeking an investigation into fraud allegations against Adani Group companies, as outlined in the Hindenburg Research report. The Adani Group comprises ten key stocks: Adani Enterprises, Adani Ports, Adani Wilmar, Adani Power, Adani Transmission, Adani Green Energy, Adani Total Gas, ACC, Ambuja Cements, and NDTV

03 Jan 2024, 08:25:45 AM IST

Adani Hindenburg Case Verdict LIVE: Adani’s data center JV seeking second dollar loan in six months

Adani Hindenburg Case Verdict LIVE: An Adani Group joint venture with EdgeConneX is in talks with a group of global lenders to raise as much as $400 million via an offshore loan, which may be the company’s second such transaction since June.

Data center provider AdaniConneX Private Ltd. will use the money to fund its growth plans this year, with a five year tenor under discussion, according to people familiar with the matter, who asked not to be identified because the matter is private. (Bloomberg)

03 Jan 2024, 08:08:57 AM IST

Adani Hindenburg Case Verdict LIVE: Adani raises $15 billion in equity, debt in comeback strategy after Hindenburg rout

Adani Hindenburg Case Verdict LIVE: Billionaire Gautam Adani's sprawling conglomerate has raised over $5 billion ( 41,500 crore) in equity and a double of that in debt in 2023 as the apples-to-airport group made a comeback since being hit by a bombshell short seller report.

Adani, who was the world's second-richest man at the start of the year, saw almost USD 60 billion of his personal wealth erased after Hindenburg Research in a January 24 report accused his group of market manipulation and accounting fraud.

03 Jan 2024, 07:38:58 AM IST

Adani Hindenburg Case Verdict LIVE: Last hearing recap

The judgement on the PILs, filed by lawyers Vishal Tiwari, M L Sharma and Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved on November 24, 2023. The pleas claimed the allegations that the Adani Group, considered close to the Modi government, inflated its share prices and, after the report of the short seller Hindenburg Research, the share value of various group entities fell sharply.

While reserving the verdict, the bench had said it has no reason to "discredit" SEBI, which probed allegations against the Adani group, as there was no material before it to doubt what the market regulator had done. It said the court does not have to treat what was set out in the Hindenburg report as a "true state of affairs".

03 Jan 2024, 07:35:14 AM IST

Adani Hindenburg Case Verdict LIVE: Stocks to Watch: Adani Group, Hero MotoCorp, Coal India, LIC, DMart, Hind Zinc

Adani Group stocks: The Supreme Court will pronounce judgement on a batch of petitions seeking court-monitored investigation into the allegations made by made by US-based firm Hindenburg Research against the Adani group of companies regarding stock market violations. Last January, Hindenburg had accused the conglomerate of “brazen stock manipulation and accounting fraud", allegations that the Adani group has vehemently denied. Read more here

03 Jan 2024, 06:55:33 AM IST

Adani Hindenburg Case Verdict LIVE: What did Hindenburg Research say?

The Hindenburg Research said that the seven listed companies of the Adani group, have an 85% downside on a fundamental basis due to sky-high valuations, Hindenburg said in the report.

The report pointed out the debt on the company. "Key listed Adani companies have also taken on substantial debt, including pledging shares of their inflated stock for loans, putting the entire group on precarious financial footing. 5 of 7 key listed companies have reported ‘current ratios’ below 1, indicating near-term liquidity pressure," the report said. The report said that 8 of 22 key roles are held by the family members of Gautam Adani, Founder and Chairman of the Adani Group.

03 Jan 2024, 06:54:24 AM IST

Adani Hindenburg Case Verdict LIVE: Adani-Hindenburg row: What has happened so far

In January 2023, US-based short seller Hindenburg Research alleged that Adani Group is involved in accounting fraud, stock price manipulation, and improper use of tax havens. The report triggered a stock market rout of the Adani group shares that erased close to $150 billion in market value at its lowest point. On its part, the Adani group has rejected all allegations

Following this, the Supreme Court asked SEBI to look into the allegations and submit its findings. In March, a separate six-member expert panel was formed which included a retired judge and veteran bankers, to go into regulatory aspects of the allegations.

The apex court set August 14 as the deadline for SEBI to conclude its probe and submit the report. The regulator sought a 15-day extension to conclude the investigation. It has now submitted a status report on its probe.

On 24 November, The judgement on the PILs, filed by lawyers Vishal Tiwari, M L Sharma and Congress leader Jaya Thakur, and Anamika Jaiswal, was reserved. Sebi informed SC that it does not need additional time to complete its investigation into the Adani Group, with 22 of the 24 cases related to the Hindenburg matter already resolved.

03 Jan 2024, 06:46:35 AM IST

Adani Hindenburg Case Verdict LIVE: Adani Group plans $84 billion spending on infra in next 10 years after Hindenburg market rout: Report

Adani Hindenburg Case Verdict LIVE: Adani Group plans to spend 7 trillion ($84 billion) on infrastructure over the next decade, a similar amount the Indian conglomerate owned by billionaire Gautam Adani has lost in market value since corporate fraud allegations were leveled against it by a US short-seller earlier this year. Jugeshinder Singh, the group chief financial officer’s ambitious expenditure targets are part of Adani’s strategy to attempt to draw a line over damaging allegations made by Hindenburg Research in January, after the short-seller accused the conglomerate of engaging in years of stock price manipulation and accounting malpractice. The company has strongly denied any wrongdoing.

03 Jan 2024, 06:44:10 AM IST

Adani Hindenburg Case Verdict LIVE: 'Biggest loot in modern India continues': Cong on Dharavi project contract to Adani Group

Adani Hindenburg Case Verdict LIVE: Earlier in December, the Congress slammed the government over the Dharavi redevelopment project being given to the Adani group, saying this is an example of how the conglomerate is getting enriched at the expense of people. The Congress' attack came a day after a protest was held in Mumbai against the Dharavi redevelopment project being helmed by the Adani group. It said "the biggest loot in modern India continues" in full public gaze with the "complete support" of the ruling party.

03 Jan 2024, 06:31:33 AM IST

Adani Hindenburg Case Verdict LIVE: What is the case about?

Adani Hindenburg Case Verdict LIVE: The case is related to the allegations (part of a report by short-seller Hindenberg Research) that Adani had inflated its share prices. After these allegations were published, it led to a sharp fall in the share value of various Adani companies, reportedly to the tune of $100 billion. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. 

03 Jan 2024, 06:29:01 AM IST

Adani Hindenburg Case Verdict LIVE: Adani-Hindenburg case: SC to pronounce verdict over pleas seeking probe today

Adani Hindenburg Case Verdict LIVE: The Supreme Court (SC) is expected to pronounce the judgment tomorrow, January 3, in a batch of petitions seeking examination of allegations of fraud made against Adani Group of companies in the Hindenburg Research report. The top court had reserved its judgment pertaining to the same case in November last year.

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