New Delhi: The bench headed by Chief Justice D Y Chandrachud said the facts of the case do not warrant a transfer of investigation from the SEBI and stated that the market regulator should take its probe to a logical conclusion as per the law.

The Supreme Court declined to transfer the investigation of stock price manipulation allegations against the Indian corporate giant and instructed the market regulator SEBI to conclude its inquiry into two pending cases within three months.

The Chief Justice D Y Chandrachud-led bench stated that the facts of the case do not justify transferring the investigation from SEBI, emphasizing that the market regulator should bring its inquiry to a lawful conclusion.

On January 24, 2023, a US-based investor research firm Hindenburg Research accused billionaire Gautam Adani-led conglomerate of stock manipulation and accounting fraud schemes over decades.

Here is a timeline of the Adani-Hindenburg case:

• January 24, 2023: Hindenburg Research accuses Adani-led conglomerate of stock manipulation and accounting fraud schemes.
• January 31, 2023: Corporates and foreign investors bail out the Rs 20,000-crore FPO of Adani Enterprises amid the volatility in the stock market and crash in Adani Group shares.
• February 2023: Adani Enterprises Ltd (AEL) calls off $2.5 billion share sale and decides to refund the money to investors. Gautam Adani slips to the 15th spot on the Forbes Billionaires List.
• February 14, 2023: SEBI writes to the Supreme Court, stating it is “already inquiring into both, the allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report.”
• March 2, 2023: Supreme Court consolidates multiple PILs related to the Adani-Hindenburg saga into a single case. A six-member committee headed by former Supreme Court Judge Abhay Manohar Sapre is constituted to investigate regulatory failure.
• May 6, 2023: The expert committee appointed by the Supreme Court finds no evidence of “regulatory failure” by SEBI.
• August 14, 2023: SEBI requests a 15-day extension from the Supreme Court to conclude its investigation.
• November 24, 2023: SC reserves its verdict on a batch of pleas concerning the Adani-Hindenburg row on allegations of stock price manipulation.
• January 3, 2024: Supreme Court refuses to transfer the probe to a special investigation team, directs SEBI to complete its investigation into two pending cases within three months.