The Supreme Court on Wednesday rejected pleas to transfer the probe into allegations made in a report published byHindenburg group against the Adani group from the Securities and Exchange Board of India (SEBI) to an SIT, saying the petitioners had not made out any valid ground for this.
The top court said that the facts of the case did not warrant a transfer of probe to an SIT or another agency.
Chief Justice of India (CJI) D Y Chandrachud refused an SIT probe into the matter remarking that “there was no material to doubt the investigation carried out by the Securities and Exchange Board of India (SEBI).”
“SEBI has completed investigation in 20 out of 22 matters. Taking into account the assurance of the Solicitor General, we direct the SEBI to complete the investigation in the other two cases within 3 months,” the CJI said.
“There was no material to show SEBI was lackadaisical in taking steps or had a regulatory failure, warranting a probe by a SIT or CBI,” he added.
The government and SEBI have to consider whether to act on recommendations made by the court-appointed panel or not as per law, the CJI said, while reading out the order.
The bench, also comprising Justices JB Pardiwala and Manoj Misra, also asked the Centre and its investigative agencies to “probe into whether the loss suffered by Indian investors due to the conduct of Hindenburg Research and any other entities in taking short positions involved any infraction of law and if so suitable action shall be taken”.
