The Supreme Court has dismissed a petition requesting a review of its January 3 decision refusing to hand over the investigation of allegations of manipulation of share prices against the Adani Group to the Central Bureau of Investigation (CBI) or Special Investigation Team. A bench of Chief Justice DY Chandrachud, Justice JB Pardiwala and Justice Manoj Mishra dismissed the review petition filed by Anamika Jaiswal, one of the PIL filers against the January 3 decision.
Review petition dismissed
The bench said in its May 5 order, “After considering the review petition, no error appears on record. There is no case for review under Order 47 Rule 1 of the Supreme Court Rules 2013. Therefore, the review petition is dismissed.” The judges considered this petition in the chamber. Earlier on January 3 this year, the apex court had refused to order a CBI or SIT probe into the allegations of manipulation of share prices. The Supreme Court had said that the market regulator Securities and Exchange Board of India (SEBI) was conducting a ‘comprehensive investigation’ into the allegations and its conduct ‘inspires confidence’.
What was in the petition?
The review petition claimed that there were ‘mistakes and errors’ in the decision and there were sufficient reasons to review the decision in light of some new material obtained by the petitioner’s lawyer. The petition said that the Securities and Exchange Board of India in its report had only informed the court about the status of 24 investigations conducted after the allegations, but it did not give any information about their completion or incompleteness. The Supreme Court said in its decision that the market regulator has completed its investigation in 22 of the 24 allegations against the Adani Group.
Adani Group rejected the allegations
The court’s decision on January 3 came in the context of serious allegations leveled against the Adani Group by Hindenburg Research in January 2023. Adani Group shares fell sharply after Hindenburg Research made several allegations including fraudulent transactions and manipulation of share prices. However, the Adani Group rejected these allegations as false. It had said that it complies with all laws and provisions for sharing necessary information.
