Adani Hindenburg Case | The petitioner opposed the appeal to extend the period of investigation against the Adani group



File Pic New Delhi: A petitioner has appealed to the Supreme Court against the demand of six months from the market regulator SEBI to complete the investigation into the allegations of rigging in increasing the share prices of Adani group companies. A few days ago, the Securities and Exchange Board of India (SEBI) requested the Supreme Court to give it six months to complete the ongoing investigation regarding the shares of Adani Group. The investigation involved allegations of misrepresentation of financial statements, including transaction irregularities and regulatory violations. On March 2, the top court had asked SEBI to complete the probe in two months. Apart from this, a committee was also formed to safeguard the interests of Indian investors. American investment research firm Hindenburg, in a report published in January, made several serious allegations against the Adani group such as financial rigging and stock price rigging. A Public Interest Litigation was filed in the Supreme Court for a proper inquiry into these allegations. Advocate Vishal Tiwari, who filed that PIL, moved an application with a bench headed by Chief Justice DY Chandrachud on Tuesday, opposing the six-month time given to SEBI. Also read It has been said that giving this time to SEBI will prolong the investigation and this will cause additional delay. “Given time, the companies under investigation may get an opportunity to tamper with important data and facts and this may also lead to tampering of evidence,” Tiwari said in his application. He said, ‚ÄúSebi was probing the activities of Adani group companies even before the court’s direction. Therefore, the demand for extension of time is not acceptable. He already has the necessary time, data and relevant documents for the investigation. Along with this, the petitioner also referred to SEBI not giving the details of the officer leading the investigation. Accusing SEBI of making this investigation endless, he has said that if this happens, only wrongdoing companies and their promoters will get benefited.

Leave a Reply

Your email address will not be published. Required fields are marked *