Request to Supreme Court to take contempt action against SEBI in Adani-Hindenburg case
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In the Adani-Hindenberg case, a request has been made to initiate contempt proceedings against the Securities and Exchange Board of India (SEBI). Vishal Tiwari has filed a petition in the Supreme Court in this regard. The petition alleges that SEBI has violated the deadline to complete the investigation and submit its report into the allegations of share price manipulation by the Gautam Adani-led group. Petitioner Vishal Tiwari has said in his petition that SEBI did not submit the final findings/report within the given time limit. Supreme Court On May 17, SEBI had given time till August 14, 2023, to complete the investigation into allegations of share price manipulation by the Adani-led group. The petition said that on August 25, 2023, SEBI had filed a status report regarding its investigation, stating that in total it has conducted 24 investigations, out of which final results of 22 have come and two are of interim nature. Are of.
The petition emphasizes the need for a strong mechanism
The petition also mentioned the latest report of the Organized Crime and Corruption Reporting Project (OCCRP) against the Adani Group and its alleged investments through an ‘opaque’ Mauritius fund. It said that the primary focus of the PIL was on what steps would be taken in the future to strengthen the regulatory system, so that investors can be protected and their investments in the stock market remain safe. Tiwari, in his plea, said there is also a need for a stronger mechanism to monitor the conduct and practices of the companies – whether they are complying with the necessary rules and regulations laid down by the regulatory authority.
Vishal Tiwari’s claim- SEBI failed to submit report
Tiwari said that SEBI has objected to the suggestion of time limit required to complete the investigation in its application. The petition said that despite the court setting a deadline of August 14, SEBI failed to file its report. It said that an explanation should be sought from SEBI for not complying with the deadline set by the court in its order dated May 17, 2023, to complete the investigation and submit the report.
The Supreme Court had said this on November 6
The Supreme Court had said on November 6 that the registry of the apex court would look into the matter of listing for hearing the PILs related to allegations of manipulation in share prices by the Adani Group. On July 11, the court had asked SEBI about the status of the ongoing investigation into allegations of share price manipulation by the Adani Group and had said that the investigation would have to be completed expeditiously within the time given by August 14.
Waiting for information from five countries: SEBI
After this, market regulator SEBI had filed a status report regarding the investigation and said that it is waiting to receive information from the tax haven. SEBI had said that the investigation into all the allegations except two against the Adani Group has been completed and it is still waiting for information from five countries about the real owners of the foreign companies investing in the group companies. He had said that out of the 24 cases related to the Adani Group that he is investigating, final findings have come in 22 cases.
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