Supreme Court Asked to Register Plea on Hindenburg Issue Involving SEBI and Adani Group
A new plea has been filed in the Supreme Court by Advocate Vishal Tiwari, urging the court to direct its registry to register his application related to the Hindenburg controversy. The plea highlights the need for SEBI to conclude its pending investigations.
Background
The plea was filed following the recent Hindenburg issue, which alleged that SEBI Chairperson and her husband were involved in offshore funds controlled by Vinod Adani, the elder brother of Adani Group Chairman Gautam Adani. These funds are believed to have been used for round-tripping funds and inflating stock prices.
Details of the Plea
Advocate Vishal Tiwari moved the fresh plea to allow his appeal against the lodgement order dated August 5, 2024, of the Registrar and to direct the registry to register the miscellaneous application. The petitioner argued that the Registrar’s refusal to register the application has suspended his fundamental rights and closed the door of the Court for him forever.
Allegations and Concerns
The plea also stated that despite the SEBI chief denying the allegations as baseless, the situation has created doubt among the public and investors. The plea cited whistleblower documents and a blog post by Hindenburg, which claimed that SEBI has shown a lack of interest in investigating Adani’s alleged web of undisclosed Mauritius and offshore shell entities.
Conclusion
The petitioner emphasized that it is crucial for SEBI to conclude the pending investigations and declare their findings to clear the atmosphere of doubt.
Doubts Revealed
Supreme Court -: The Supreme Court is the highest court in India. It makes important decisions about laws and justice.
Plea -: A plea is a request made to a court asking for a specific action or decision.
Hindenburg Issue -: The Hindenburg Issue refers to a controversy involving a report by Hindenburg Research, which made serious allegations against the Adani Group.
SEBI -: SEBI stands for the Securities and Exchange Board of India. It is a government agency that regulates the stock market and protects investors.
Adani Group -: The Adani Group is a large Indian company involved in various businesses like energy, resources, logistics, and more.
Advocate Vishal Tiwari -: Advocate Vishal Tiwari is a lawyer who has filed the plea in the Supreme Court.
Registry -: The registry is the office in the court that handles the paperwork and keeps records of cases.
SEBI Chairperson -: The SEBI Chairperson is the head of SEBI, responsible for overseeing its activities.
Offshore funds -: Offshore funds are investments made outside of one’s home country, often for tax benefits or privacy.
Vinod Adani -: Vinod Adani is the brother of Gautam Adani, who is the Chairman of the Adani Group.
Registrar -: The Registrar is an official in the court who manages the administration and registration of cases.