SC Declines To Order CBI Probe In Adani-Hindenburg Row
Delhi/Hyderabad, Jan 3 (Maxim News): In a relief to the Adani group of companies, the Supreme Court today declined to transfer the probe to a Special Investigation Team (SIT) or CBI into the Adani-Hindenburg Issue over allegations of stock price manipulation by the Indian corporate giant from Securities and Exchange Board of India (SEBI).
A bench of Chief Justice of India D.Y Chandrachud, PS Pardiwala and Majoj Misra said the scope of power of the apex court to enter into the regulatory domain of SEBI is limited. It said the scope of judicial review is only to see whether any fundamental right has been violated. The SC said the facts of the case do not warrant the transfer of the probe to the SIT or other agency. The SC also said there was no material to doubt the investigation carried out by the SEBI.
The verdict of the top court came on a batch of petitions seeking a court-monitored investigation or CBI probe into the allegations made by US-based firm Hindenburg Reseqarch against the Adani group of companies regarding violations of the stock market.
The bench said there has been no regulatory failure by SEBI and the market regulator cannot be expected to carry on its functions based on press reports though such reports can act as inputs for SEBI. (Maxim News)
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