Wednesday, September 27, 2023

Pleas probing Hindenburg Report against Adani group to be heard in Supreme Court tomorrow

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The Supreme court of India has received another PIL in the context of the Adani group shares which have been  taking a beating in the stock market after the publication of a report by US- based short-selling firm Hindenburg Research.

The PIL was filed  by Advocate Vishal Tiwari, and the matter was mentioned before Chief Justice DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala today for urgent listing.

Advocate Vishal Tiwari submitted before the Chief Justice of a india that
a similar petition is about to come tomorrow which pertains to the Hindenburg report that has completely tarnished the Indian image and caused huge loss tarnished . This may be also heard tomorrow with the other matter.”l

The PIL filed requests for constitution of a committee under the head of a retired Supreme Court Judge for investigating the contents of the Hindeburg Research Report.

The CJI has assented to the request and directed for the PIL to be tagged with another one which is listed tomorrow (10th February 2023).

The earlier  petition in question was filed by serial litigant Advocate ML Sharma who had requested to declare short- selling’ as the offence of fraud.

 This  petition wanted investigation against Nathan Anderson, who is the founder of Hindenburg, for his act of exploiting the innocent Investors via short selling under the garb of artificial crashing.

This year on January 24, the US-based Hindenburg published its report accusing Adani group for widespread manipulations and malpractices to inflate its stock prices.

The allegations were refuted by the  Adani Group in a 413-page reply which termed it as attack against India.
 Hindeburg shot back with a rejoinder, saying that ‘fraud cannot be obfuscated by nationalism’ and stood by its report.

Soon after the publishing of the Hindeburg report, the marker shares of Adani have been nosediving in the market.

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