SC agrees to hear Friday plea seeking probe into Hindenburg Research report on Adani firms
The Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a series of allegations, including fraudulent transactions and share-price manipulation, against the business.
Published: 09th February 2023 11:32 AM | Last Updated: 10th February 2023 07:23 AM | A+A A-
NEW DELHI: The Supreme Court will hear on Friday pleas seeking a probe into the Hindenburg Research report on Adani firms.The pleas have been filed by serial litigant ML Sharma and Advocate Vishal Tiwari.“A similar petition is also coming up tomorrow (Friday). This pertains to the Hindenburg report which has tarnished the image of the country. This may also be heard tomorrow with the other matter,” Tiwari told a bench headed by CJI DY Chandrachud. “All right. Tag it,” the CJI said.
Sharma has sought prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the “artificial crashing” of Adani Group’s stock value in the market.Tiwari in his plea has sought the constitution of a court-monitored committee for investigating the Hindenburg research report.
Tiwari has also sought the formation of another special committee to oversee the sanction policy for large loans amounting to more than `500 crore which are given to big corporate. He has argued that the report is in the Interest of the nation’s international image and dignity.“For the protection of public money and investment, a high-power inquiry is needed so that creditors and investors do not come under any apprehension of a financial loss,” Tiwari’s plea stated.
The Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a series of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate.The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
In his plea, Tiwari has said the petition depicts the “drastic condition and fate of people” when there is a situation of sharp fall in the securities market due to various reasons.“Lots of people, who had their whole lifetime saving in such stocks, get a maximum setback due to fall in such shares with a huge amount of money going into the drain,” the PIL submitted.
“In the aftermath of an unprecedented attack on billionaire Gautam Adani’s vast empire by Hindenburg, the market value of all 10 Adani stocks have halved with investors sitting with a colossal loss,” the plea by Tiwari submitted.