SC Dismisses Review Petition Filed Against Its January 3 Verdict Refusing To Form Any SIT To Conduct Investigation Into Adani-Hindenburg Issue

Supreme Court has dismissed a review petition filed against its January 3 verdict refusing to form any SIT or group of experts to conduct an investigation into the Adani-Hindenburg issue.  After perusing the review petition, a bench comprising Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra said that there is no error apparent on the face of the record.

 

In its January 3 order, the Supreme Court had said that reports prepared by third-party organisations such as the Organized Crime and Corruption Reporting Project (OCCRP) and Hindenburg Research cannot be regarded as conclusive proof. It had said that the reliance placed by PIL litigants on newspaper articles or reports by third-party organisations does not inspire confidence



to question the comprehensive investigation undertaken by the SEBI. 

The apex court said that the facts in the case did not warrant a transfer of investigation from the SEBI and asked the market regulator to take its investigation to a logical conclusion in accordance with the law. The Supreme Court cautioned against the use of unverified and unrelated material in the filing of public interest litigations (PILs), adding that pleas lacking adequate research and relying on unverified and unrelated material tend to be counter-productive. The apex court had asked SEBI and other investigative agencies of the Union government to probe into allegations of short selling resulting in loss of investors’ value.