The Supreme Court has reserved its verdict on petitions probing fraud allegations against Adani Group following the Hindenburg Research report. Chief Justice DY Chandrachud led the bench, stressing SEBI's independence from media influence.
Advocate Prashant Bhushan claimed SEBI's probe lacked credibility due to unaddressed fund links involving Vinod Adani. However, the court stated SEBI couldn't act based solely on media reports.
The case revolves around accusations of Adani inflating share prices, causing a significant stock drop. Petitions also questioned SEBI Act changes shielding Adani Group's market maneuvers.
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Earlier, SEBI's independent investigation and an expert committee found no major lapses. The court addressed allegations of media manipulation influencing India's actions.
Sharp exchanges erupted over SEBI's impartiality and committee members' associations. Despite conflict claims, the Court sought substantial evidence.
Meanwhile, SEBI affirmed nearing completion of its investigation, citing a need for information from foreign regulators to conclude the two remaining probes.