Adani-Hindenburg
The Supreme Court (SC) has agreed to hear three pleas filed against the Adani Group on the allegations of fraud and manipulation of prices made by the US-based Hindenburg Research today i.e. on Friday.
SC bench set comprising CJI Chandrachud
Ahead of the Adani row, a bench comprising Chief Justice of India, D Y Chandrachud and Justice PS Narasimha took note of the submissions of the attorney, representing Congress leader Jaya Thakur, that the plea needed an urgent hearing.
According to the media reports, the apex court bench initially agreed to list the PIL for hearing on February 24 and later decided to hear on Friday after the lawyer pointed out that two other PILs are listed on February 17.
Moreover, the Congress leader, Thakur has sought a direction for investigating the role of the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) in investing huge amounts of public money in the Adani Group.
Centre agrees to SC’s proposal panel of experts
Amid these serious allegations against the conglomerate made by the US firm, the Centre had agreed to the apex court’s proposal to set up a panel of experts to look into strengthening the regulatory mechanisms for the stock market on Monday.
Earlier, a PIL was filed in the SC by advocate M L Sharma seeking prosecution of short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the “artificial crashing” of Adani Group’s stock value in the market.
Moreover, seven listed Adani group companies have lost more than half their market capitalization, which shrivelled to less than $100 billion, after a report by Hindenburg Research questioned the conglomerate’s debt levels and use of tax havens.
Despite the allegations, the Adani Group has rubbished and dismissed every accusation, saying it had “no basis” and stemmed from ignorance of Indian law. The company said over the past decade, group companies have “consistently de-levered”.
