Hindenburg vs Adani issue may reach Supreme Court again; petitioner says...

Amid row over the Hindenburg report on SEBI chairperson Madhabi Puri Buch and her husband Dhaval Buch, the petitioner in the Adani-Hindenburg matter, Vishal Tiwari, has said that he will approach the Supreme Court again.

Speaking to Zee Business on Sunday, Vishal Tiwari said, “We will move to Supreme Court so that measures are ensured for our robust stock market.” In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims.

“Prayer will be to make the conclusions of the SEBI’s investigations public and what measures are to be adopted in the future. If, there are allegations against SEBI, and its role is in question, then how SEBI can be strengthened in the future, will be an important point in prayer," he elaborated. Tiwari also questioned the delay in filing the status report in the top court.

In January 2024, the Supreme Court refused to transfer the probe into the allegations of stock price manipulation by the Adani group to an SIT and had directed market regulator SEBI to complete its probe into two pending cases within three months.

Tiwari, an advocate, said, “SEBI has not yet submitted information in the court about who the short sellers were and who caused huge loss to the investors... The report is not made public. Meanwhile, Hindenburg Research has released a new report accusing the SEBI Chairperson."

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