CJI to Look into Allegations of Adani Stock Market Manipulation Case Postponement

Chief Justice of India D.Y. Chandrachud said on Monday that he would look into allegations that the case pertaining to the Adani group's alleged manipulation of the stock market, which was initially scheduled for August 28, was being postponed.

Advocate Prashant Bhushan was given this promise by Justice Chandrachud, who was seated on a bench of Justices J.B. Pardiwala and Manoj Misra, after the counsel's oral statement before to the commencement of the day's proceedings, indicating that the subject was being continually postponed.

"A hearing on the subject was scheduled on August 28, but it keeps being postponed. The matter is being postponed repeatedly. stated Bhushan.

"I will ask the registry to look into the issue," said Justice Chandrachud. You may bring it up in the morning tomorrow.

In an updated progress report, the market regulator Sebi said on August 25 that it had finished looking into 22 of the 24 suspected parts of the Adani group's stock market manipulation that it had been tasked with looking into.

In response to the Hindenburg Research report, which charged the corporate behemoth with accounting fraud and stock manipulation, the top court gave Sebi the task of overseeing the 24 investigations.

Sebi informed the court that of the 24 investigations, 22 were of a definitive character and the other two were of an interim type.

Possible insider trading by Adani Power Limited, Ambuja Cements, and Adani Green Energy Limited is also under scrutiny.

In accordance to the highest court's orders from March 2, 2023, stating that the regulator “must expeditiously conclude the investigation within two months and file a status report,” Sebi had submitted the status report on August 25.

The ruling was made in response to a number of petitions filed by Manohar Lal Sharma, Vishal Tiwari, and other attorneys.