Supreme Court to take up PILs on Hindenburg report on February 17; fourth petition, too, seeks probe against Adani Group

Tribune News Service

New Delhi, February 16

On the eve of a hearing on petitions seeking probe into the allegations leveled by US-based short-seller Hindenburg Research against the Adani Group, a fresh petition was filed on Thursday in the Supreme Court seeking a probe against the Group.

Filed by one Mukesh Kumar – who claimed to be a social worker – this is the fourth PIL before the top court on the issue. Kumar demanded a probe by multiple central agencies under the supervision of a panel or a former top court judge against the Group.

The Supreme Court had on Wednesday agreed to take up on Friday Madhya Pradesh Congress leader Jaya Thakur's petition seeking prosecution of Adani group of companies under various laws in the wake of a report by US-based short-seller Hindenburg Research that levelled certain allegations against the group.

A Bench led by CJI DY Chandrachud had earlier posted two other PILs filed by advocates ML Sharma and Vishal Tiwaru for hearing on February 17.

The Centre had on Monday accepted the top court's proposal to set up an expert committee to suggest measures to strengthen regulatory mechanisms for the stock market in the wake of the Adani group share crash following the Hindenburg Research report even as it said SEBI and other agencies were well-equipped to handle it.

Thakur has requested the top court to order a probe by the authorities concerned against the Adani group and his associates under the supervision of a sitting Supreme Court judge. In the alternative, she wanted the court to direct the agencies to probe the role of the SBI for investing in Adani shares allegedly at inflated prices.

The Adani Group stocks have tanked on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate led by Gautam Adani. The Group has dismissed the charges as lies, saying it has been complying with all laws and disclosure requirements.

SEBI had told the top court that it’s not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements.

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