Hindenburg report: Supreme Court refuses to put curbs on media coverage

The Supreme Court on Friday refused to restrain the media from publishing news items pertaining to US short-seller Hindenburg's report on the Adani Group until the apex court set up a panel to examine the efficacy of the investor protection framework. To be sure, the Adani Group has lost nearly $150 billion in market value since the report alleging ‘fraud’ and price ‘manipulation’ came to light late January. Adani Group has repeatedly rejected the contents of the report and denied the allegations.

Advocate M L Sharma, who filed one of the public interest cases in the matter alleging conspiracy behind the Hindenburg report, asked a bench led by Chief Justice D Y Chandrachud to put restrictions on the media until it pronounced its order as continued reporting on the issue would affect stocks and create panic among investors.

“We are not going to issue any injunction to the media ever. Make a reasonable argument…We will pronounce orders shortly,” the bench told the advocate-petitioner.