The Supreme Court on Friday rejected a plea filed by advocate ML Sharma seeking to injunct the media from reporting on the Adani-Hindenburg issue till the court delivers its verdict on the committee.
“We won’t injunct the media…We will pronounce our order,” Chief Justice of India Justice DY Chandrachud told Sharma. Earlier, the Supreme Court had on February 17, reserved its verdict in the batch of four petitions concerning the report published by short-seller Hindenburg Research alleging fraud on the part of the conglomerate, as a result of which the Adani Group suffered losses crossing $100 billion.
Sharma, who is one of the four petitioners, has sought directions to the SEBI and the Union home ministry to conduct an inquiry and register an FIR against founder of Hindenburg Research, Nathan Anderson, and his associates in India. Sharma has also sought a gag order to halt media reports concerning listed companies unless such reports are first filed with and verified by the SEBI.
Till now, four PILs have been filed in the top court on the issue by lawyers Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist. Tiwari, in his PIL, sought a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.
Congress leader Thakur, in his plea, has sought an investigation under the supervision of a sitting apex court judge against the Adani Group of companies in light of the allegations. The fourth PIL seeks a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group following allegations of fraud and share price manipulation.
Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
