GG News Bureau
New Delhi, 9th Feb. The Supreme Court has agreed to hear a petition seeking a direction to the Centre to form a committee overseen by a retired apex court judge to inquire and investigate the Hindenburg Research report, which has leveled numerous allegations against the business conglomerate led by industrialist Gautam Adani.
On Thursday, Advocate Vishal Tiwari, who filed the petition, requested an urgent hearing before a bench led by Chief Justice D Y Chandrachud.
Tiwari informed the bench, which also included Justices P S Narasimha and J B Pardiwala, that a separate plea filed on the issue has been scheduled for hearing on February 10.
“A similar petition is coming up tomorrow,” he said, adding, “This pertains to the Hindenburg Research report which has tarnished the image of the country and caused loss.” He urged the bench that his plea be also heard on Friday along with the separate plea.
“All right. Tag it,” the CJI said.
Tiwari has also requested that a special committee be formed to oversee the sanction policy for loans of more than 500 crore given to large corporations in his public interest litigation (PIL).
Last week, advocate M L Sharma filed another PIL in the Supreme Court seeking the prosecution of short seller Nathan Anderson of the US-based firm Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and causing the “artificial crashing” of Adani Group’s stock value in the market.
Adani Group shares have plummeted on the bourses after Hindenburg Research leveled a slew of allegations against the business conglomerate, including fraudulent transactions and share-price manipulation.
The Adani Group has denied the allegations, claiming that it complies with all laws and disclosure requirements.
Tiwari stated in his petition that the petition depicts the “drastic condition and fate of people” when share prices fall in the securities market for a variety of reasons.
“Lots of people, who had their whole lifetime saving in such stocks, get a maximum setback due to fall in such shares with a huge amount of money going into the drain,” the PIL submitted.
“In the aftermath of an unprecedented attack on billionaire Gautam Adani’s vast empire by Hindenburg, the market value of all 10 Adani stocks have halved with investors sitting with a colossal loss…,” the plea filed by Tiwari submitted.
It claimed that no concrete steps have been taken by authorities on the issue despite a “massive attack being perpetrated” on the country’s economy.
“It is ultimately the public money for which the respondents (Centre and others) are answerable and there needs to be strict concern for mitigating such loans with a clear process and sanction policy for such high stake loan amounts,” it said.
The plea has made the Centre and others, including the Reserve Bank of India and the Securities and Exchange Board of India, as respondents.
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