In a huge victory for the Adani Group, the Supreme Court on Wednesday said the report by the OCCRP – an organisation funded by billionaire George Soros, among others – can’t be the basis for doubting the capital markets regulator SEBI’s investigation into the Hindenburg case.

Delivering the judgment, a Supreme Court bench of Chief Justice of India DY Chandrachud and justices JB Pardiwala and Manoj Misra said there were no grounds to transfer the probe to a special investigation team (SIT).

The Securities and Exchange Board of India (SEBI) has investigated 22 out of the 24 cases linked to the US-based short seller Hindenburg Research’s allegations. The Supreme Court gave the SEBI three months to complete investigation in the remaining two cases.

The Supreme Court also ordered the government and SEBI to check whether Hindenburg has ignored rules in shorting the market and to take action accordingly.

“The reliance on the OCCRP report is rejected and the reliance on a third-party organisation report without any verification cannot be used as proof. There are no grounds to transfer the probe in this case from SEBI,” Chief Justice Chandrachud said in the judgment, referring to the Organised Crime and Corruption Reporting Project (OCCRP).

The judgment reflected what the Supreme Court told lawyer Prashant Bhushan on November 24, that the Hindenburg allegations and the OCCRP report targeting the Adani Group cannot be treated as gospel.

“Reliance on newspaper reports and third-party organisations to question the statutory regulator (SEBI) does not inspire confidence. They can be treated as inputs. but not conclusive evidence to doubt SEBI’s probe,” the Supreme Court said today.

“Before concluding, public interest jurisprudence was developed to provide access to ordinary citizens… petitions that lack adequate research and rely on unsubstantiated reports cannot be accepted,” the court said.

The petitions on the issue were filed by lawyers Vishal Tiwari and ML Sharma, Congress leader Jaya Thakur and activist Anamika Jaiswal. The petitions had claimed the Adani Group inflated its share prices, and that the shares of some group entities had fallen sharply after the report by short-seller Hindenburg Research on January 24 last year.

The Adani Group had termed the report a “malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive”.

The Supreme Court, explaining why it denied the request to transfer the probe to an SIT, said the investigation should be transferred only under exceptional circumstances, and such a power can’t be used without a strong, logical justification.

A key learning from the Hindenburg row is to plug gaps for the benefit of Indian investors, the Supreme Court said, and ordered the Centre and the SEBI to use the committee’s suggestions to strengthen the investors.

In the last hearing, Solicitor General Tushar Mehta, who appeared for SEBI, had said it had completed looking into 22 of the 24 cases of suspected transactions, and information from agencies abroad was awaited for the remaining two.

A separate committee appointed by the Supreme Court that looked into India’s regulatory mechanism to protect investors, in its report submitted in May last year, had also given a clean chit to the Adani Group.

It had said there was no regulatory failure on the part of SEBI, and no price manipulation on the part of the Adani Group. The conglomerate had taken necessary steps to comfort retail investors amid severe market turmoil following the publication of the Hindenburg report, the committee had said.

In its response to the Hindenburg report, the Adani group had called it a “selective and manipulative presentation of matters already in the public domain to create a false narrative”.

“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” the group had said in a statement. 

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Senior Bharatiya Janata Party (BJP) leader and former Madhya Pradesh chief minister Shivraj Singh Chouhan has said sometimes one ends up in “vanvas” while waiting for “rajtilak” (coronation).

After the BJP’s landslide victory in the Madhya Pradesh assembly polls held in November 2023, the party chose Mohan Yadav as the chief minister, replacing Shivraj Chouhan who served as the state’s CM for four times.

Shivraj Chouhan, while addressing a gathering in Shahganj town under his Budhni assembly seat on Tuesday evening, got emotional and said he will continue to be among the people, especially his sisters.

“I will not go anywhere. I will live here and die here,” Mr Chouhan said when a couple of women sitting in the audience shouted “bhaiyya (brother), don’t go anywhere leaving us alone.”

The former chief minister said all the works started by the previous BJP government, including the Ladli Behna Yojana (for women’s welfare), housing scheme for beneficiaries of the Ladli Behna scheme, a scheme of one job in each family and promises made to farmers, will be fulfilled by the present government.

“The new government will take forward all these works. There must be some big objective somewhere, sometimes by the time ‘rajtilak’ takes place, one even ends up in ‘vanvas’ (exile). But all this happens to fulfil some or the other objective,” Mr Chouhan told the gathering.

He said the present ruling dispensation will implement all these schemes as there is BJP’s government in the state and not of the Congress.

The former chief minister also noted that children who were among the audience had come to show their love for “mama” (maternal uncle – as Mr Chouhan is popularly referred).

Earlier, a large number of BJP workers and women welcomed Mr Chouhan on his arrival in Shahganj.

Mr Chouhan won the election from Budhni assembly seat by a margin of more than 1.04 lakh votes over his Congress rival Vikram Mastal.

In the November 2023 state elections, the BJP bagged 163 of the 230 assembly seats, posting a resounding victory and retaining power in the central state.

The opposition Congress was relegated to a distant second spot with victory in 66 assembly segments, while one seat was won by the Bharat Adivasi Party.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Veteran actor Saira Banu kicked off the New Year in the company of Aamir Khan, his mother Zeenat Hussain, and his former wife Kiran Rao, sharing glimpses of their gathering on Instagram. She reminisced about the enduring bond between Aamir and her late husband, Dilip Kumar, acknowledging Aamir’s unwavering support during challenging times.

The posted photos captured the intimate gathering, with Saira seated on a sofa while Aamir sat on the floor beside her. Kiran relaxed on the couch, engaging in conversation with them, while Aamir’s mother and sister, Nikhat Khan, were also present.

Aamir sported a black t-shirt and grey pants, Kiran wore a printed top paired with jeans, and Saira adorned a white outfit. Several images showcased Aamir resting his hand on Saira’s knees. Saira’s caption reflected on the passage of time and the constancy of cherished relationships.

She expressed the enduring connection between Dilip Kumar and Aamir, highlighting Aamir’s deep admiration for the legendary actor and Dilip Sahib’s genuine appreciation for Aamir’s talent in bringing characters to life on screen. Saira praised Aamir’s support during the creation of Dilip Sahib’s autobiography, emphasising his sincerity and genuine nature beyond the glitz of the film industry.

Saira fondly detailed their New Year celebration, welcoming Aamir, Kiran, and Zeenat Aapa into her home, relishing heartfelt conversations and reminiscing about cherished moments with Dilip Sahib. She concluded with warm wishes for the new year, underscoring the value of enduring relationships that withstand the test of time.