SC To Hear Plea Seeking Investigation Into Hindenburg Report On Adani Group On Friday

Advocate Vishal Tiwari mentioned the matter for urgent listing before a bench headed by Chief Justice D Y Chandrachud, Justice P S Narasimha, and Justice J B Pardiwala

A PIL was submitted before the Supreme Court last week by attorney M L Sharma asking for the prosecution of short seller Nathan Anderson of the US company Hindenburg Research and his associates.

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The Supreme Court on Friday will hear a plea seeking direction to the Centre to constitute a committee monitored by a retired Supreme Court judge to inquire and investigate the Hindenburg Research report, reported PTI. The Supreme Court has agreed to hear the plea by advocate Vishal Tiwari on Thursday. 

According to the report, advocate Vishal Tiwari mentioned the matter for urgent listing before a bench headed by Chief Justice D Y Chandrachud, Justice P S Narasimha, and Justice J B Pardiwala. 

Tiwari told the bench that a separate plea filed on the issue is scheduled to be listed for hearing on Friday as well. He urged the court to also hear his plea along with the separate plea on Friday. Tiwari said, "A similar petition is coming up tomorrow. This pertains to the Hindenburg Research report which has tarnished the image of the country and caused loss." 

"All right. Tag it," the CJI said, reported the news agency. 

Advocate Vishal Tiwari’s plea has made the Centre, the Reserve Bank of India, and the Securities and Exchange Board of India, respondents in the matter. 

"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 by Vishal Tiwari’ says. 

"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...," it added. 

It stated that despite a "huge attack being conducted" on the nation's economy, no decisive action has been done by authorities.

"It is ultimately the public money for which the respondents (Centre and others) are answerable and there needs to be strict concern for mitigating of such loans with a clear process and sanction policy for such high stake loan amount," it said.

Tiwari has also asked to form a special committee to oversee the sanctioning of loans to large corporations totaling more than Rs 500 crore. 

Another PIL was submitted to the Supreme Court last week by attorney M L Sharma asking for the prosecution of short seller Nathan Anderson of the US company Hindenburg Research and his associates in India and the US for allegedly taking advantage of unsuspecting investors and the "artificial crashing" of the market value of Adani Group's stock.

Adani Group stocks have sharply declined after Hindenburg Research published a report alleging fraudulent transactions and share-price manipulation, against the group. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.