Adani-Hindenburg Controversy: Here Is The Timeline Of The Case

In a relief to the Adani group of companies, the Supreme Court on Wednesday refused to transfer the probe from Securities and Exchange Board of India (SEBI) to a Special Investigation Team (SIT) or CBI into the Adani-Hindenburg issue over allegations of stock price manipulation by the Indian corporate giant.

A bench of Chief Justice of India DY Chandrachud, PS Pardiwala and Manoj Misra said the scope of power of the apex court to enter into the regulatory domain of SEBI is limited.

The Securities and Exchange Board of India (SEBI) has probed 22 out of the 24 cases associated with allegations made by the US-based short seller Hindenburg Research. The Supreme Court has granted SEBI a three-month period to conclude the investigation in the remaining two cases.

Here is the timeline of the controversy:

• January 2023: A report released by Hindenburg Research alleged that the Adani Group of companies was invovled in manipulating its share prices.
• In February 2023: A Public Interest Litigation (PIL) was filed in the Supreme Court, seeking directions to establish a committee under the supervision of a retired Supreme Court judge to investigate the allegations.
• On March 2, 2023: The Supreme Court instructed the Securities and Exchange Board of India (SEBI) to investigate the allegations of stock price manipulation by the Adani Group and any regulatory disclosure lapses within two months. The court also established a panel to examine the protection of Indian investors following a damning report by a US short seller that wiped out over USD 140 billion of the conglomerate's market value.
• In May 2023: A court-appointed expert committee submitted its report.
• On May 17, 2023: the apex court granted SEBI an extension until August 14, 2023, to submit a report regarding its investigation into the allegations of stock price manipulation by the Adani Group.
• On November 24, 2023: The Supreme Court reserved its verdict on a series of pleas related to the Adani-Hindenburg row and the allegations of stock price manipulation.
• January 3, 2024: The Supreme Court has declined to transfer the probe into the allegations of stock price manipulation by the Indian corporate giant to a special investigation team. Instead, it directed the market regulator SEBI to complete its investigation into the two pending cases within three months.