New Delhi: In the backdrop of the latest Hindenburg report published on August 10, raising the issue of conflict of interest on the part of SEBI chairperson Madhabi Buch, in probing Adani Group, an application has been filed in the Supreme Court seeking details of the investigation completed by market regulator SEBI against Adani Group.
What does the application say?
The application submits that the application is in the public interest as the latest Hindenburg report by US based short seller had created an atmosphere of uncertainty in the minds of the public and investors because it claims that the SEBI chairperson had stakes in offshore funds linked to Vinod Adani.
The application states that even though “SEBI chief had denied the Hindenburg Report allegations as baseless and the Supreme Court had held that third party reports cannot be considered, it has created an atmosphere of doubt in the mind of public and investors and in such circumstances, it becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations.”
The application filed by one Vishal Tiwari recently had sought directions to SEBI and central government to submit a detailed report on the share market crash and loss to investors after the Lok Sabha polls and also a direction to SEBI file its conclusive investigation report into the Adani Group.
But this application for listing before the Supreme Court judges was rejected by the Registrar of the court saying that the Supreme Court had in its judgement of 3rd January this year directed that SEBI should complete pending investigation in 2 instances preferably within 3 months and take matters to its logical conclusion. So, there was no direction to complete investigations in 3 months, said the registrar in his order. The registrar also held that no case of compliance of Supreme Court judgment was made out as there was no direction to SEBI or central government to file status reports.
Vishal Tiwari is one of the petitioners who had moved the apex court in January 2023
Vishal Tiwari is one of the petitioners, who had moved the Supreme Court in January 2023, seeking CBI probe into the first Hindenburg report which said that Adani Group had indulged in stock market manipulations to jack up the prices of its stocks.
Now, Tiwari has filed another application challenging the registrar’s order.
