Adani-Hindenburg Case Application Filed In Supreme Court Seeking Contempt Proceedings Against SEBI

Adani-Hindenburg Case: A petition has been filed in the Supreme Court to initiate contempt proceedings against the Securities and Exchange Board of India (SEBI) in the Adani-Hindenberg case. Lawyer Vishal Tiwari has filed a petition in the Supreme Court of the country. He has alleged that SEBI has violated the last date to complete the investigation and submit the report of Adani Group on the allegations of rigging share prices. On May 17, 2023, the Supreme Court had given SEBI time till August 14, 2023, to complete the investigation into allegations of manipulation in share prices of Gautam Adani-led Adani Group.

Lawyer Vishal Tiwari filed petition

In the PIL filed by petitioner Vishal Tiwari, he has said that despite the deadline given to SEBI, it has failed to comply with the court order. He has not submitted the final findings/final report as per the instructions of the court. It has been said in the petition that despite the court setting a deadline of August 14, SEBI failed to file its report.

Clarification should be sought from SEBI- Petitioner

It said that an explanation should be sought from SEBI for not complying with the deadline set by the court in its order dated May 17, 2023, to complete the investigation and submit the report. The petition also mentions the latest report of the Organized Crime and Corruption Reporting Project (OCCRP) against Adani Group and its alleged investments through Transparent Mauritius Fund.

Vishal Tiwari’s latest PIL states that the initial focus of the PIL was only on what steps would be taken in the future to strengthen the regulating system. The focus of the petition was on the safety of investors and ensuring that their investments in the stock market are safe. Vishal Tiwari said in his petition that there is also a need for a strong system to keep an eye on the conduct and practices of the companies, even if they are complying with the necessary rules and regulations set by the regulatory authority. Vishal Tiwari said that SEBI has objected to the suggestion of time limit required to complete the investigation in its application.

On July 11, the Supreme Court had asked a question to SEBI

On July 11, the Supreme Court had asked SEBI about the status of the ongoing investigation into allegations of manipulation of Adani Group’s share prices and had said that the investigation will have to be completed expeditiously within the time given by August 14. There are allegations in Vishal Tiwari’s petition that on August 25, 2023, SEBI had filed a status report regarding its investigation. It said that in total it has conducted 24 investigations, out of which the final results of 22 have come and two are of interim nature.

What does SEBI say?

The Supreme Court had said on November 6 that the Supreme Court Registry will look into the matter of listing the PILs related to Adani Group for hearing. After this, market regulator Securities and Exchange Board of India (SEBI) filed a status report regarding the investigation and said that it is waiting to receive information from the tax haven countries.

SEBI had said that the investigation into all the allegations except two against Adani Group has been completed. It is still waiting for information from five countries about the real owners of the foreign companies investing in the companies of this group. He had said that out of the 24 cases related to Adani Group that he is investigating, the final results of 22 cases have come.

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