The judgment would be delivered by a Bench headed by Chief Justice DY Chandrachud, which had reserved its order on a batch of pleas last month.
In March, the apex court had formed a six-member committee to investigate the allegations filed by four petitioners in the wake of the explosive report filed by US-based Hindenburg Research against the Adani Group alleging corporate misgovernance, stock price manipulation and even terming it the “largest con” in the corporate history.
The report by the American short-seller in late January led to a major crash in stock prices of Adani Group companies, wiping out more than $100 billion in less than a month.
The report submitted by the six-member committee stated that it was not possible to conclude regulatory failure on the part of the Securities and Exchange Board of India (Sebi) in the stock price manipulation case.
The apex court had later asked the capital market regulator to submit its investigation report on the allegations made against the group. In August, SEBI submitted its report to the Supreme Court.
In November, allegations were made over a conflict of interest by Prashant Bhushan against the six-member committee. Bhushan alleged that SEBI did not carry out the due diligence in the Hindenburg case.On November 28, the SC reserved its order in the case and said that the Hindenburg report against the Indian conglomerate cannot be treated as a true state of affairs.
This statement of the court saw Adani stocks rally sharply on Dalal Street.
Adani Group stocks will be in the limelight on Wednesday, and one needs to see whether they will get any New Year’s gift from the apex court.
