Fresh Plea Urges Supreme Court to Ensure Completion of Adani Group Probe: A Call for Investor Transparency
13.08.2024: A fresh application has been filed in the Supreme Court, seeking strict compliance with its January 3, 2024, order that directed the Securities and Exchange Board of India (SEBI) to complete its investigation into the Adani Group. This investigation stems from allegations raised by the US-based short-seller, Hindenburg Research, which has created a significant stir in the financial world.
Advocate Vishal Tiwari, one of the petitioners in the original Hindenburg-Adani litigation, has approached the court with this plea. Tiwari emphasized that the Supreme Court had explicitly set a three-month deadline for SEBI to conclude its investigation. He argued that the use of the word “preferably” in the order should not be interpreted as allowing for an indefinite extension, stressing that the timeline was clearly defined.
Tiwari clarified that his plea does not seek any modification of the January 3 order. Instead, he expressed concern that the Supreme Court Registry had refused to accept his fresh application on August 5. Tiwari’s plea highlights the importance of concluding the investigation in the public interest, particularly for investors who suffered financial losses following the release of the Hindenburg report in 2023.
The plea also references a new report by Hindenburg, which alleged that the current SEBI Chairperson and her husband had stakes in offshore funds linked to the Adani Group’s purported money siphoning scandal. Although the SEBI chief has dismissed these allegations as baseless, Tiwari pointed out that the Supreme Court has stated that third-party reports cannot be considered as evidence. Nevertheless, the plea underscores the growing atmosphere of doubt among the public and investors, making it crucial for SEBI to finalize and disclose the findings of its investigation.
This fresh plea serves as a reminder of the ongoing scrutiny surrounding the Adani Group and the need for transparency and accountability in the investigation process. The outcome of this case could have far-reaching implications for investor confidence and the integrity of financial markets in India