Adani-Hindenburg case, the Supreme Court maintains that newspaper articles and the OCCRP report are not conclusive proof to cast doubt on the SEBI probe

Case: Vishal Tiwari v. Union of India

Coram: Chief Justice of India DY Chandrachud, Justices JB Pardiwala and Manoj Misra

Case No.: W.P.(C) No. 162/2023

Court Observation: “The reliance on newspaper articles or reports by third-party organizations to question a comprehensive investigation by a specialised regulator does not inspire confidence. Such reports by independent groups or investigative people by newspapers may act as inputs before the SEBI or the Expert Committee. However, they cannot be relied upon as conclusive proof of the inadequacy of the investigation by SEBI. Nor can the petitioners say that such inputs be regarded as credible evidence.”

“The veracity of the inputs and their sources must be demonstrated to be unimpeachable. The petitioners cannot assert that an unsubstantiated report in the newspaper should have precedence over an investigation by a statutory regulator whose investigation has not been cast into doubt on the basis of cogent material or evidence,” 

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Keywords

Adani-Hindenburg case, Supreme Court