The Hindenburg Research report with damning allegations of stock manipulation and fraud against the Adani Group have hit the conglomerate hard. The Indian corporate behemoth which had recently taken over a major media channel, has been unsuccessfully trying to win back investor confidence as its stock value keeps on crashing. Now Adani has failed to find relief in the Supreme Court as well, since the Chief Justice of India has refused to stop media from reporting on the Adani-Hindenburg fiasco.
The CJI DY Chandrachud clearly stated that the apex court will not pass any injunction to the media ever, and told petitioner ML Sharma to make reasonable arguments. Advocate Sharma in his PIL has contested that the media hype around Hindenburg's report and the allegations are adversely affecting the Indian markets and investors.
The SC has already recommended an expert panel for probing the Hindenburg report's claims, but refused to accept the government's suggestions in a closed envelope. The court has called for full transparency with the interests of the investors in mind.
There are currently four pleas in the apex court including this one by ML Sharma, and others by Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar. ML Sharma had also defended the perpetrators in 2012's Nirbhaya rape case, and appeared in a documentary about the same.
