Adani-Hindenburg case: An application was filed in the Supreme Court seeking contempt proceedings against the Securities and Exchange Board of India (SEBI) for not completing its inquiry in the Adani-Hindenburg matter within the timeline framed by the apex court, reported LiveLaw.
Also Read: Adani-Hindenburg row: SEBI submits report, tells SC it has completed probe; check details
As per the Supreme Court orders passed on May 17, the SEBI was asked to support its investigation report in the Adani-Hindenburg case by August 14. However, the report is yet to be submitted by the market regulator, pointed out applicant Advocate Vishal Tiwari, one of the petitioners who filed PIL in the matter, reported the legal news portal.
Also Read: Adani-Hindenburg case: CJI asks all parties to file final submissions by 8 Nov, report claims
Tiwari also sought direction from the SEBI to explain its non-compliance with the SC timeline. In his plea, he also sought a direction to begin contempt proceedings against the market regulator for not obeying the order dated May 17.
In addition to seeking contempt proceedings against SEBI, Tiwari also sought in his plea for directions to the Expert Committee to inquire into the report published by the Organised Crime and Corruption Reporting Project (OCCRP). The OCCRP, in its report, had alleged Adani of stock manipulation.
About Adani-Hindenburg row
The US-based short-selling firm Hindenburg Research, published a report in January this year claiming Adani group’s involvement in stock manipulation and other malpractices to inflate its stock price. However, the group vehemently rejected the claims and it regarded the report as an attempt by foreign entities to tarnish India’s image. The report led to a massive disruption of Adani companies’ value in the stock market.
The report also led to a huge uproar in the political scenario questioning PM Narendra Modi’s link with Gautam Adani. Subsequently, a group of activists and political leaders filed multiple Public Interest Litigations (PIL) in the Supreme Court. The SC formed a committee to investigate the matter. In addition, SEBI was also asked to investigate the matter to find irregularities in the stock value of Adani Group companies. SEBI was supposed to submit its investigation report in May. However, it had filed an application in the SC requesting a six-month extension. In response to the application, the apex court had extended the date till August 14.
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