In a significant development in the Adani-Hindenburg controversy, the Supreme Court has rejected the Central government’s suggestion to submit the Hindenburg report in a sealed cover.
The apex court has instead decided to appoint a committee on its own and has emphasized the need for complete transparency in the matter.
The Hindenburg report, “How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History” which was published by the organization on 24 January 2023, alleged that Adani Group companies had engaged in various financial irregularities and had links to tax havens.
The Central government had initially sought to keep the report under wraps, citing national security concerns. However, the Supreme Court ordered the government to submit the report for examination.
In a hearing today, the Central government requested that the Hindenburg report be presented in a sealed cover, citing confidentiality concerns.
However, the Supreme Court rejected this suggestion, stating that it wanted complete transparency in the matter. The court has decided to appoint a committee of experts to examine the report and provide recommendations.
The court also expressed its concerns about the allegations made in the report and the impact they could have on the country’s economy. It emphasized the need for a thorough investigation and a transparent process to restore public confidence in the system.
The Adani Group has consistently denied the allegations made in the Hindenburg report and has maintained that its companies have always followed the law.
The Supreme Court’s decision to appoint a committee on its own is likely to provide some clarity on the matter and could potentially have far-reaching implications for the Adani Group and the Indian economy as a whole.