The Supreme Court will on Friday hear two public interest litigations (PILs) seeking a court-monitored probe into short-seller Hindenburg Research's 'conspiracy' against the Adani Group. The PILs - filed by advocates ML Sharma and Vishal Tiwari - claim United States-based Hindenburg short-sold Adani stocks and caused a 'monumental loss to investors'.
"The report has tarnished image of (the) country. It is affecting the economy..." Tiwari told a bench headed by Chief Justice DY Chandrachud, asking it to take up his petition with the other on Friday. Sharma's petition claimed media hype over the report had affected the markets, and that Hindenburg founder Nathan Anderson had failed to provide proof of his claims to Indian regulator SEBI.
Tiwari's petition said: “Concern of the present petition is -- what is the fate of investors who (have) lost such amount of money which brings a life-changing and life-ending impact on such investors with no redressal available…”
The petition - which sought a judicial probe by a committee headed by a retired Supreme Court judge - also said the Hindenburg report 'has shaken not only country's stock exchange but also put a question mark on business methods adopted by the businessmen in our country'.
Referring to unregulated disbursal of loan by public sector banks as a 'matter of serious concern', the petition demanded a ‘special committee (to) oversee sanction policy for loans over Rs 500 crores given to big corporate’ entities.
Hindenburg's report - which claims 'brazen accounting fraud… stock manipulation' by the Gautam Adani-led group -has triggered a massive row, with the opposition targeting the ruling Bharatiya Janata Party over alleged links between prime minister Narendra Modi, and his government, and Adani.The Congress and other opposition parties, including the Trinamool, the Dravida Munnetra Kazhagam and the Shiv Sena (ex Maharashtra chief minister Uddhav Thackeray's faction), have forced multiple adjournments of Parliament's Budget session, demanding allegations against Adani be probed.
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