A review petition is filed in opposition to the Supreme Court judgment which endorsed market regulation SEBI probe in Adani- Hindenburg case. The petitioner, Anamika Jaiswal, claimed there were ‘apparent errors’ in the judgment, and SEBI’s regulatory failures were also overlooked.
Why Review Petitioner Challenged the Apex Court’s verdict?
The petitioner argued that there are several reasons that require of impugned order passed by the apex court on January 3rd.
SEBI probe to check if the Adani group violated security laws, despite Supreme Court’s positive statement favoring the group, but SC in January ordered SEBI to finish the probe in three months.
As per SEBI’s status report, 22 out of 24 investigations were final and 2 were interim, 22 complete reports included 13 on failure to disclose related party transactions (RTPs), 5 on violation of insider trading regulations, 2 on manipulation of stock prices, and 1 each on violation of regulations of Foreign Portfolio Investors (FPI) and Acquisitions and Takeovers.
The petitioner claimed that SEBI had its report only updated to the court about the status of 24 investigations as complete or incomplete, but did not disclose any findings or details of action taken and the petitioner added that the findings or details of the report have to be disclosed publicly to prove that there is no regulatory failure.
The petitioner also claimed that the new documents and evidence reveal that Adani group companies have been violating certain rules frequently now.
Hindenburg report on Adani
US-based short seller, Hindenburg Research in January 2023 had published a report, accusing the Adani group of fraud, stock price manipulation, and money laundering. It accused Gautam Adani of pulling the largest con in corporate history. 
This made Parliament and the Supreme Court intervene and they set up a probe to investigate the allegation. In Parliament Prime Minister was accused of encouraging crony capitalism in the country because of his and Gautam Adani’s close relations.
Supreme Court’s Jan 3rd verdict
In the January 3rd verdict, the Supreme Court directed the market regulator, SEBI to complete pending investigations within two months.
In its 46-page judgment, the Supreme Court said, “The facts of this case do not warrant a transfer of investigation from SEBI. In an appropriate case, this court does have the power to transfer an investigation being carried out by the authorized agency to an SIT or CBI.”
