Wednesday, March 29, 2023

Hindenburg Research: Supreme Court receives petition seeking directions for conducting enquiry against Nathan Anderson for short selling

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The Supreme Court has received a petition seeking directions to the Union Home Ministry as well as the Securities and Exchange Board of India (SEBI) for registering FIR along with getting a enquiry conducted against the founder of Hindenburg Research, Nathan Anderson, and his associates in India for their recent report on Adani.

Advocate ML Sharma, who filed the POL has alleged that it was a criminal conspiracy by Anderson and his associates in India by short selling Adani stocks in hundreds of billion dollars before presenting a research report against Adani Group with the purpose to crash the stock market and square up their short sell position at the lowest rate.

The plea stated that Andersons have done enough busines and have secured profit in billions by butchering citizen of India.

As per the plea, the SEBI did not suspend trading in the stock specially qua to the Adani group of the companies and allowed short sellers to exploit innocent investors.The plea also mentions and alleges that Anderson is an expert in short-selling.

The plea clearly said that the talk might seem tough for a relatively small five-year-old research and trading firm, but Hindenburg’s rise has been meteoric under the leadership of Anderson, a Connecticut native who experts and peers say has a gift for a type of stock trading known as short selling.

The petitioner has requested for directions to be given for conducting an enquiry for prosecuting and registering FIR against Anderson and his associates.

The Petitioner has asked that cases should be registered under sections 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code (IPC) against Anderson for ‘exploiting innocent investors via short selling under the garb of artificial crashing via short selling’.

The petitioner has also asked for recovery of Anderson’s alleged turnover with penalty to compensate investors in the interest of justice.

It has also been requested to declare short selling as an offence of fraud against the investors to be prosecuted under section 420 of IPC read with section 15HA (penalty for fraudulent and unfair trade practices) of SEBI Act.

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