SC has dismissed a review petition filed against its January 3 verdict, which refused to form a SIT to conduct an investigation into the Adani-Hindenburg issue

The Supreme Court has dismissed a review petition filed against its January 3 verdict, which refused to form any Special Investigation Team (SIT) or group of experts to conduct an investigation into the Adani-Hindenburg issue. After reviewing the petition, a bench comprising Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra stated that there is no error apparent on the face of the record.

In its January 3 order, the Supreme Court had emphasized that reports prepared by third-party organizations, such as the Organized Crime and Corruption Reporting Project (OCCRP) and Hindenburg Research, cannot be regarded as conclusive proof. The court noted that reliance on newspaper articles or reports by these organizations by PIL litigants does not inspire confidence to question the comprehensive investigation undertaken by the Securities and Exchange Board of India (SEBI). The apex court determined that the facts of the case did not warrant a transfer of the investigation from SEBI, and it directed the market regulator to complete its investigation according to the law.

Furthermore, the Supreme Court cautioned against the use of unverified and unrelated material in filing public interest litigations (PILs), highlighting that such pleas lacking adequate research and relying on unverified material can be counter-productive. The court also directed SEBI and other investigative agencies of the Union government to probe allegations of short selling that resulted in a loss of investors’ value.