An application has been filed in the Adani-SEBI investigation case, urging the Supreme Court “to direct the Union Government and the Securities and Exchange Board of India (SEBI) to submit a detailed report on the Share Market crash and loss of Investors after the Lok Sabha 2024 Polls Results”.
Advocate Vishal Tiwari filed the application, also requesting the court to direct SEBI to submit the investigation report of allegations made against the Adani group by US-based short-seller Hindenburg Research, in line with the court order of January 3.
On January 3, the apex court stated there was “no ground” to transfer SEBI’s investigation into allegations against the Adani group by US-based short-seller Hindenburg Research either to a special investigation team (SIT) or the Central Bureau of Investigation (CBI). The court further directed the markets regulator to conclude its remaining two investigations in the matter within three months. However, the deadline to submit the report was April 3, which has not been met.
The court also tasked SEBI and the central government with investigating whether “the loss suffered by Indian investors due to the conduct of Hindenburg Research and any other entities in taking short position involved any infraction of law”.
Tiwari’s application further urges the court to “direct SEBI to Submit its conclusive investigation report without any delay”. He highlighted recent events, citing another significant crash in the share market after the Lok Sabha polls 2024 results, resulting in a reported loss of Rs 20 lakh crore. Tiwari raised concerns about the regulatory mechanism’s efficacy and its failure to prevent repeated losses in the market despite previous directions from the court.
The Supreme Court had dismissed earlier pleas seeking a third-party investigation into allegations of accounting fraud and stock manipulation by Hindenburg Research. A three-judge bench of the top court expressed confidence in SEBI’s ongoing investigation, noting its comprehensive nature. The court directed SEBI to conclude the pending investigations within three months, emphasizing the need for expeditious resolution.
SEBI, as per its August status report submitted to the Supreme Court, has concluded investigations in 22 out of the 24 matters related to the allegations against the Adani Group. The two pending investigations involve alleged violations of minimum public shareholding regulations and examination of trades before and after the release of the Hindenburg Report. SEBI is actively seeking assistance from foreign agencies to gather relevant information for these investigations.
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