Gautam Adani(Photo: Reuters)
Advocate Vishal Tiwari, the petitioner in the Adani-Hindenburg matter who first filed a plea in the Supreme Court for a probe, plans to file another plea before the apex court requesting the conclusive report by the Securities and Exchange Board of India (Sebi) on its investigations.
Tiwari told Business Standard that he intends to file the plea by Monday night with a prayer to the apex court to direct Sebi to publish its findings in the matter.
“There has been a delay in filing the investigation findings. The SC had provided a three-month timeline in January that has long been exhausted. We are requesting the findings to be made public,” said Tiwari.
The call for the final report gained momentum as Hindenburg Research published a new report questioning the objectivity of Sebi chairperson Madhabi Puri Buch. The investment firm said that Buch had a “stake” in an offshore fund used by the Adani group to violate norms. However, the Sebi chair has refuted the allegations and provided a point-by-point rebuttal.
In January, the Supreme Court directed the capital markets regulator to complete its probe within three months. Sebi had submitted to the court that it had completed a probe in 22 of the 24 matters.
The apex court had said that there was no ground to transfer Sebi’s investigation of the Adani-Hindenburg matter to a special investigation team (SIT).
The court had said there were no valid grounds raised to direct Sebi to revoke its amendments on FPI (foreign portfolio investment) and LODR (listing obligations and disclosure requirements) regulations.
A bench led by Chief Justice of India DY Chandrachud had noted that the regulations do not suffer from any infirmities.
Earlier, a report by an expert committee formed to oversee the market had noted that Sebi had hit a wall in its probe of the conglomerate, specifically those involving the regulators of the offshore jurisdictions where certain FPIs were based.
First Published: Aug 12 2024 | 6:44 PM IST
