Adani-Hindenburg row: Plea in SC seeks contempt action against SEBI
New Delhi, Nov 19: A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group.
An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court.
It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023. It said on August 25, 2023, SEBI filed the status report regarding its investigation stating that overall it has done 24 investigations, out of which 22 investigations have achieved finality and two are of interim nature.
The application also referred to the latest report by the Organised Crime and Corruption Reporting Project (OCCRP) against the Adani Group and its alleged investments via "opaque" Mauritius funds.
The application said that the primary focus of the PIL was on what steps shall be taken in future to strengthen the regulatory system so that the investors could be protected and their investment in the share market remains safe.
"Because after the publication of the Hindenburg report against the Adani Group .... thousands of crores of the investors' money got lost.
"But now the question arises, whether the present regulatory authority is efficient enough or if some changes are required by setting up a new regulatory body with a more efficient mechanism so that in future such damaging incidents may not occur in the share market and the investors' money may be protected," it said.
Tiwari in his application said that a strong mechanism is also required to keep vigil upon the companies' conduct and practises - whether they are complying with necessary rules and regulations laid down by the regulatory authority.
"That till now after the recommendations and suggestions given by the expert committee in its report the Union Government has not taken any strong step in compliance of that and has not apprised the court with any secured framework for the protection of investors in future," it said.
Tiwari said that SEBI in its application has objected to the suggestion of a necessary timeline for the completion of the investigation.
"The SEBI objection is contrary to the present need of a strong and efficient regulatory mechanism because timeless investigations lead to the disappearance of evidence and vital information against any entity which is under investigation and it also reduces the confidence of the investors in the market," it said, adding that SEBI failed to file its report despite timeline fixed by the court till August 14.
"The inordinate delay in investigation impacts upon investigation and it also raises suspicion in the minds of investors and refrains them from investing in future. Delay in the investigation also leads to the manipulations and damage of vital material and evidence," it said.
The application said that the expert committee constituted by this court is still working in the present matter and has not been discharged.
"As the issue has again risen by the new disclosures and report of Organised Crime and Corruption Reporting Project (OCCRP) against Adani Group, the need has arisen to get it investigated by the independent body which was constituted by this court," the application said.
It said an explanation should be sought from SEBI for not complying with the timeline framed by this court in the order dated May 17, 2023 for completing the investigation and submitting a report.
On November 6, the top court said the apex court registry would look into the issue of listing for hearing PILs related to allegations of stock price manipulation by the Adani group.
On July 11, the top court asked the SEBI about the status of its ongoing investigation into the allegations of stock price manipulation by the Adani group.
The court, which had granted time till August 14 for a probe by the SEBI, had said the inquiry has to be concluded expeditiously.
Later, the capital markets regulator filed a status report on the Adani-Hindenburg probe and said it was awaiting information from tax havens.
The SEBI, in its report, had said that it has completed the probe in all but two allegations against the Adani group and is still awaiting information from five tax havens on actual owners behind foreign investors investing in the conglomerate.
The report said out of the 24 matters it was probing, findings in as many as 22 are final.
Without divulging the outcome of its investigations, the SEBI had given a detailed breakdown of the steps taken by it during its probe, including related party transactions.
"SEBI shall take appropriate action based on the outcome of the investigations in accordance with law," the regulator had said.
The probe reports finalised include allegations of manipulation of stock prices, alleged failure to disclose transactions with related parties and possible violation of insider trading in some of the group stocks.
On May 17, the apex court granted SEBI time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group.
A Supreme Court-appointed expert committee had in an interim report in May stated that it saw "no evident pattern of manipulation" in billionaire Gautam Adani's companies and there was no regulatory failure.
It, however, cited several amendments the SEBI made between 2014 and 2019 that constrained the regulator's ability to investigate, and its probe into alleged violations in money flows from offshore entities has "drawn a blank".
The apex court had on May 17 directed that copies of the report submitted before it by the top court-appointed Justice (retd) A M Sapre expert committee be made available to the parties to enable them to assist it in further deliberations in the matter.
Adani Group stocks had been bludgeoned on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against the business conglomerate.
The Adani Group dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
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Deep societal faultlines persist despite 75 years of independence: Justice Ujjal Bhuyan
Judge cites denial of home to Muslim girl, opposition to Dalit women cooking mid-day meals
Hyderabad, February 23, 2026: Supreme Court judge Justice Ujjal Bhuyan has said that despite repeated affirmations of constitutional morality by courts, deep societal faultlines rooted in caste and religious discrimination continue to shape everyday realities in India.
Speaking at a seminar on “Constitutional Morality and the Role of District Judiciary” organised by the Telangana Judges Association and the Telangana State Judicial Academy in Hyderabad, Justice Bhuyan reflected on the gap between constitutional ideals and social practices.
He cited a recent instance involving his daughter’s friend, a PhD scholar at a private university in Noida, who was denied accommodation in South Delhi after her surname revealed her Muslim identity. According to Justice Bhuyan, the landlady bluntly informed her that no accommodation was available once her religious background became known.
In another example from Odisha, he referred to resistance by some parents to the government’s mid-day meal programme because the food was prepared by Dalit women employed as cooks. He noted that some parents had objected aggressively and refused to allow their children to consume meals cooked by members of the Scheduled Caste community.
Describing these incidents as “the tip of the iceberg,” Justice Bhuyan said they reveal how far society remains from the benchmark of constitutional morality even 75 years into the Republic. He observed that while the Constitution lays down standards of equality and dignity, the morality practised within homes and communities often diverges sharply from those values.
He emphasised that constitutional morality requires governance through the rule of law rather than the rule of popular opinion. Referring to the evolution of the doctrine through judicial decisions, he cited Naz Foundation v Union of India, in which the Delhi High Court read down Section 377 of the Indian Penal Code, holding that popular morality cannot restrict fundamental rights under Article 21. Though the judgment was later overturned in Suresh Kumar Koushal v Naz Foundation, the Supreme Court ultimately restored and expanded the principle in Navtej Singh Johar v Union of India, affirming that constitutional morality must prevail over majoritarian views.
“In our constitutional scheme, it is the constitutionality of the issue before the court that is relevant, not the dominant or popular view,” he said.
Justice Bhuyan also addressed the functioning of the district judiciary, underlining that trial courts are the first point of contact for most litigants and form the foundation of the justice delivery system. He stressed that due importance must be given to the recording of evidence and adjudication of bail matters.
Highlighting the role of High Courts, he said their supervisory jurisdiction under Article 227 of the Constitution is intended as a shield to correct grave jurisdictional errors, not as a mechanism to substitute the discretion or factual appreciation of trial judges.
He recalled that several distinguished judges, including Justice H R Khanna, Justice A M Ahmadi, and Justice Fathima Beevi, began their careers in the district judiciary.
On representation within the judicial system, Justice Bhuyan noted that Telangana has made significant strides in gender inclusion. Out of a sanctioned strength of 655 judicial officers in the Telangana Judicial Service, 478 are currently serving, of whom 283 are women, exceeding 50 per cent representation. He added that members of Scheduled Castes, Scheduled Tribes, minority communities, and persons with disabilities are also represented in the state’s judiciary.
He observed that greater representation of women, marginalised communities, persons with disabilities, and sexual minorities would help make the judiciary more inclusive and reflective of India’s diversity. “The judiciary must represent all the colours of the rainbow and become a rainbow institution,” he said.
Justice Bhuyan also referred to the recent restoration by the Supreme Court of the requirement of a minimum three years of practice at the Bar for entry-level judicial posts. While acknowledging that the requirement ensures practical exposure, he cautioned that its impact on women aspirants, especially those from rural or small-town backgrounds facing social and financial constraints, would need to be carefully observed over time.
Concluding his address, he reiterated that the justice system must strive to bridge the gap between constitutional ideals and lived realities, ensuring that the rule of law remains paramount.
