The Supreme Court is set to pronounce its judgment tomorrow regarding a series of petitions requesting an investigation into fraud allegations made against Adani Group in the Hindenburg Research report. Chief Justice of India (CJI) DY Chandrachud, along with Justices JB Pardiwala and Manoj Misra, who presided over the case, had reserved the verdict in November of the previous year.

The case revolves around accusations that Adani artificially inflated its share prices. The publication of these allegations, as part of a report by short-seller Hindenburg Research, resulted in a significant drop in the share value of various Adani companies, reportedly amounting to $100 billion.

Various petitions were subsequently filed before the Supreme Court, including one claiming that amendments to the Securities and Exchange Board of India Act (SEBI Act) provided a 'shield and an excuse' for the Adani Group to evade detection of regulatory violations and market manipulations.

Upon receiving the petitions, the Supreme Court directed SEBI to conduct an independent investigation into the matter. Additionally, an expert committee led by retired Justice AM Sapre was formed to examine the case. The committee, in its May report, did not find any prima facie lapses on the part of SEBI.

During the November 24, 2023 hearing, Solicitor General Tushar Mehta argued that media reports were being strategically disseminated to influence decisions in India, citing the OCCRP report as an example. The Court also emphasized that SEBI should not rely solely on media reports when evaluating the case.