In a significant win for the Adani Group, the top court, on January 3, declined to order a CBI or SIT probe. In its judgment, the apex court had said market regulator SEBI was conducting a “comprehensive investigation” into the allegations and its conduct “inspires confidence”.

The review petition had claimed there were “mistakes and errors” in the judgment, and in light of certain new material that had been received by the counsel for the petitioner, there were sufficient reasons for a review of the verdict.

The plea had said the Securities and Exchange Board of India (SEBI) had in its report only updated the court about the status of the 24 investigations it undertook following the allegations, whether they were complete or incomplete, but did not disclose any findings or details of action taken.

In its verdict, the apex court noted that SEBI has completed its investigation in 22 out of the 24 matters where allegations had been levelled against the Adani Group.

“There are apparent errors on the face of the impugned order dated January 3, 2024, wherein this court rejected the petitioner’s prayer to constitute a court-monitored SIT into the massive fraud involving market manipulation through offshore entities owned by promoters of Adani Group. Hence, the impugned judgment is liable to be reviewed,” the plea had said.