Adani-Hindenburg Row: Supreme Court Says It Won't Gag Media, Will Pronounce Orders Shortly

The Supreme Court today said that it will pronounce orders shortly in the batch of pleas seeking an investigation into the situation that arose after the Hindenburg Report on the Adani Groups of companies.

“We will pronounce orders shortly,” said a Bench led by CJI Justice DY Chandrachud and comprising Justice PS Narasimha and Justice JB Pardiwala.

The Court remarked the aforesaid, when Advocate ML Sharma, one of the petitioner-in-person in the matter, mentioned an application seeking gag orders restraining media from reporting on the Adani-Hindenburg issue till the court pronounces the order.

Sharma said to the Court that the media has been creating ‘sensation’ in the matter.

“We are not going to issue any injunction to the media,” said the Court and told Sharma to make “reasonable arguments”.

Last Friday, the Supreme Court reserved its order in the matter and said that the Court will constitute a committee of its own.  

During the previous hearing, the Court declined to accept the sealed cover suggestions submitted by the Union Government through the Solicitor General Tushar Mehta. The Court said that it “wants full transparency”.

Even if we have not accepted your suggestion, they may say that it is a government-appointed committee, the CJI said. If you don't want to disclose to the other side, then we will come out with our own suggestions.

In his plea, Sharma has alleged that “short sellers, i.e. Anderson resident of USA and his Indian entities hatched a criminal conspiracy did short sale in hundreds of billion dollars prior and thereafter on 25th January 2023 they released concocted news as a research report qua to the Adani Group of the companies, got crash share market and squared up their short sell position at the lowest rate. They secured billions of profits by butchering the citizens of India". The plea seeks inquiry to prosecute by registering F.I.R. against Anderson and his associates.

In another PIL, petitioner-Vishal Tiwari has also sought directions to set up a Committee under the Chairmanship of a retired Supreme Court Judge to investigate and form a special committee for sanction of high-power loans. The plea states that after the publication of the Hindenburg Report, various investors have lost massive amounts who invested their savings in such shares. Thus, the petitioner has sought directions for forming a Committee under the monitoring of the retired Supreme Court Judge to enquire into the Hindenburg Research Report.

The petitioner has also prayed to set up a special committee for overseeing sanction policy for high-power loans of more than 500 crores that are given to big corporates.

Cause Title- Vishal Tiwari v. Union of India & Ors.