Adani-Hindenburg: Appeal in SC claims registrar refused to list plea about delay in SEBI probe
The petitioner sought a status update from the markets regulator about its investigation of alleged financial misconduct by the Adani Group.
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An appeal has been filed in the Supreme Court challenging the court registrar’s refusal to list an application concerning the Securities and Exchange Board of India’s investigation into alleged financial misconduct by the Adani Group.
The petitioner had sought to ask the markets regulator for a status report on the progress of its investigation of allegations of accounting fraud, money laundering and stock price manipulation by the Adani Group. The allegations were levied in a January 2023 report by American short-seller Hindenburg Research.
The Adani Group rejected the allegations but the American firm’s report hurt the stock prices of its listed companies and wiped out more than $100 billion of investors’ money.
The appeal, filed by advocate Vishal Tiwari, claimed that the court registrar had on August 5 refused to list his application in the matter.
The Supreme Court had ordered the Securities and Exchange Board of India to inquire into the matter in March 2023. Tiwari was one of the petitioners in this case.
In January this year, the court refused to transfer the investigation from the markets regulator to a Special Investigation Team. It also directed the regulator to conclude its investigation within three months.
In his latest application, Tiwari sought to ask the Union government the regulatory authority whether they had considered the suggestions of a court-appointed expert...
