The Adani-Hindenburg case is expected to be heard by the Supreme Court on Friday, November 24. The case is set to be heard by a bench chaired by Chief Justice of India DY Chandrachud.

Earlier this week, a petition was filed in the Supreme Court seeking contempt proceedings against the Securities and Exchange Board of India (Sebi) for failing to complete its investigation into the Adani-Hindenburg case within the term specified. In his petition, PIL petitioner Vishal Tiwari stated that the SEBI has failed to comply with the court's direction and has not filed the final conclusion/report as directed.

"To initiate contempt proceedings against Sebi for the violation of timeline framed by this Court in the order dated 17-5-2023 in Writ Petition civil 162/2023 and other connected matters for completing the investigation and submit its report," the second application submitted by Vishal Tiwari, the petitioner.

It should be remembered that the Supreme Court gave Sebi an extension until August 14 to submit its report. On July 11, the Supreme Court inquired about the Sebi's ongoing inquiry into claims of stock price manipulation by the Adani group. Later, the financial markets regulator filed an update on the Adani-Hindenburg investigation, stating that it was seeking information from tax havens.

In its report, the Sebi stated that it had concluded its investigation into all but two charges against the Adani group and was still awaiting information from five tax havens on actual owners behind foreign investors investing in the conglomerate.

The Supreme Court announced earlier this month that the highest court registry would investigate the issue of listing for hearing PILs pertaining to claims of stock price manipulation by the Adani group.

In its report, the Sebi stated that it had concluded its investigation into all but two charges against the Adani group and was still awaiting information from five tax havens on actual owners behind foreign investors investing in the conglomerate. The Supreme Court announced earlier this month that the highest court registry would investigate the issue of listing for hearing PILs pertaining to claims of stock price manipulation by the Adani group.

Also Read: Ahead Of Adani-Hindenburg Case Hearing In SC, Adani Groups Stocks Trade Diminishes

Sebi, for its part, has emphasized the difficulties in determining the economic interests of shareholders tied to specific foreign portfolio investors in Adani companies located in tax havens. The regulator stated that it is still gathering information from five foreign jurisdictions.

OCCRP in its report in August, which was based on internal emails and files from tax havens, stated that investors used Adani Hindenburg offshore structures to trade Adani shares, following the instructions of a senior member of the Adani family. These allegations surfaced after a January report by US-based short-seller Hindenburg Research, which triggered a decline in the group's shares.