LI Network
Published on: November 19, 2023 at 22:55 IST
An application has been submitted in the Supreme Court urging contempt proceedings against the Securities and Exchange Board of India (SEBI) for not completing the investigation into the Adani-Hindenburg matter within the specified timeframe.
Advocate Vishal Tiwari, a petitioner in the PIL seeking a court-monitored probe, highlighted that SEBI was required to submit its report by August 14, as per the May 17 order. However, SEBI has yet to submit its final report.
Tiwari seeks a directive for SEBI to explain its non-compliance and initiation of contempt proceedings for not adhering to the May 17 order.
Referring to a recent report by the Organised Crime and Corruption Reporting Project (OCCRP) alleging stock market manipulation by Adani Group companies, Tiwari urges the Expert Committee to inquire into the OCCRP report.
The applicant directs the government and SEBI to implement the Expert Committee’s suggestions to fortify the regulatory framework.
The batch of petitions related to the Adani-Hindenburg matter is yet to be listed in the Supreme Court, although it was scheduled for a hearing on August 29, 2023. On November 6, Advocate Prashant Bhushan mentioned the matter before the Chief Justice of India for urgent listing.
The case originated on January 24 when Hindenburg Research accused the Adani Group of manipulations. A group of PILs filed in the Supreme Court sought a court-monitored probe. On March 2, the Supreme Court constituted an expert committee, and SEBI was directed to investigate. The initial two-month timeframe for SEBI’s investigation was extended to August 14, 2023. As of November 2023, the case has not been listed for further hearings.
Case Title: Vishal Tiwari v. Union of India & Ors. | Writ Petition (Civil) No. 162 of 2023 and other connected matters
