Adani Stocks Soared Ahead of Supreme Court Ruling; NCLT Continuing Tradition that Companies Fail but Promoters Don’t

Govt scrambling CAA before polls, SC tells Bihar to release details of caste survey, Kejriwal ducks ED summons again, Science Congress postponed, truckers end stir, PM’s Christmas among the believers

A newsletter from The Wire | Founded by MK Venu, Seema Chishti, Siddharth Varadarajan, Sushant Singh, Sidharth Bhatia and Tanweer Alam | Contributing writer: Kalrav Joshi, with additional inputs by Anirudh SK | Editor: Pratik Kanjilal

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Snapshot of the day

January 3, 2024

Pratik Kanjilal

Adani stocks soared up to 17% this morning ahead of the Supreme Court ruling that there is no ground to transfer the Adani Hindenburg case investigation from the Securities and Exchange Board of India, whose exertions have been fruitless, to a Special Investigation Team. In March 2022, the court directed SEBI to look for sharp accounting practices for inflating its own stock, as was alleged in the Hindenburg Research report. The court also set up an expert committee of six members, at least three of whom subsequently turned out to have Adani connections that raised conflict of interest issues. Weeks before the court reserved its judgment on November 24 came fresh revelations by the Financial Times, Guardian and the OCCRP that added further ballast to Hindenburg’s weighty indictment. We know the bench headed by Chief Justice DY Chandrachud was unimpressed but how impressive is its logic? It has