In a significant development in the ongoing Hindenburg-Adani saga, a new application has been filed with the Supreme Court, demanding that the Securities and Exchange Board of India (SEBI) expedite its investigation into the Adani group of companies. The plea, submitted by Vishal Tiwari, calls for the completion of the pending inquiries following recent allegations by Hindenburg Research.
Tiwari, who previously petitioned for a Special Investigation Team (SIT) or Central Bureau of Investigation (CBI) probe into Hindenburg’s January 2023 report, is seeking the Supreme Court’s intervention to set a deadline for SEBI’s remaining investigations. The 2023 Hindenburg report had accused the Adani group of stock market manipulation, sparking widespread controversy and calls for a thorough inquiry.
Earlier this year, the Supreme Court rejected calls for a CBI/SIT investigation, instead supporting SEBI’s ongoing probe. While the court did not mandate a specific timeframe, it encouraged SEBI to conclude its investigations “preferably” within three months. To date, SEBI has completed 22 out of 24 investigations, with the remaining two pending due to awaiting inputs from external agencies.
The latest application highlights the urgency of concluding the outstanding inquiries in light of new allegations from Hindenburg. The US-based firm’s recent report accused SEBI chairperson Madhabi Puri Buch and her husband of having undisclosed ties to the Adani group, further complicating the investigation. Tiwari’s plea asserts that SEBI’s prompt conclusion of the investigations is crucial for maintaining public trust and protecting investors who suffered losses following the report’s publication.
Tiwari emphasized that resolving the pending investigations is vital for public interest and investor confidence. The plea argues that transparency and timely completion of the investigations are essential to address the doubts raised by Hindenburg’s allegations and to safeguard the interests of affected investors.
As the Supreme Court considers this new application, the focus remains on how SEBI will navigate these latest developments and whether the investigations into the Adani group will reach a conclusive end.
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