The Supreme Court refused to convert the court proceedings into a roving investigation, including inquiries into the alleged role of the LIC, which had invested a sizeable sum in Adani companies, and asked market regulator Sebi to submit by August 14 the status of the probe into allegations of stock price manipulation made against Adani group companies by short-seller Hindenburg.
A bench of Chief Justice D Y Chandrachud, Justices P S Narasimha and J B Pardiwala said, “We are dealing right now with the fallout of the Hindenburg report. The purpose of these proceedings is not for us or any public interest petitioner to conduct a roving inquiry. We will deal with whatever is directly related to the Hindenburg report, which the Solicitor General said the Sebi will be filing an affidavit. ”
One of the PIL petitioners added that LIC had made significant investments in Adani group companies and that its role should also be looked into.