The latest development in the Hindenburg saga is a petition to the Supreme Court, urging SEBI to complete its ongoing investigations into the Adani group of companies. This follows the recent report by the US-based short seller, which accused SEBI chairperson Madhabi Puri Buch of a conflict of interest.
Vishal Tiwari has filed a new plea. Tiwari, the petitioner in the 2023 lawsuits that demanded an SIT or CBI inquiry into Hindenburg’s January 2023 claims, is now focusing on the alleged stock market manipulation by the Adani group.
The Supreme Court had earlier dismissed the request for a CBI/SIT investigation, endorsing SEBI’s inquiry instead. Despite rejecting the petitions, the court encouraged SEBI to ideally complete the investigations within three months.
SEBI has concluded 22 of the 24 investigations, with inputs from external agencies pending for the remaining two. The recent application suggests setting a deadline for these investigations, considering the current circumstances.
Tiwari referenced the new allegations by Hindenburg against the SEBI chief and her husband’s purported involvement in the Adani group’s scandal. He asserted that it is imperative for SEBI to finalize the ongoing investigations and announce their outcomes, given the report’s impact in creating a climate of suspicion.
The plea contends that concluding the investigations is crucial for the public interest and for investors who suffered losses following the 2023 Hindenburg report on the Adani group. It emphasizes that disclosing the results of SEBI’s investigations is vital for the investors’ benefit.
