Hindenburg vs SEBI chief: New plea in Supreme Court on Adani probe

In the ongoing Hindenburg saga, the latest is an application made to the Supreme Court, requesting that SEBI finish the ongoing investigations into the Adani group of companies. This comes after the US-based short seller's most recent report, which alleged a conflict of interest involving SEBI chairperson Madhabi Puri Buch.

Vishal Tiwari has submitted the latest plea. Tiwari was the petitioner in the 2023 lawsuits that sought an inquiry by the SIT or CBI into the claims made by Hindenburg in January 2023. Back then, Hindenburg had published a scathing report about the Adani group's alleged stock market manipulation.

The supreme court had rejected the request for a CBI/SIT probe in January this year, supporting the SEBI's inquiry. Although the court rejected the petitions, it did urge the SEBI to finish the investigations 'preferably' within three months.

The SEBI has closed 22 of the 24 investigations and said external agencies' inputs on the remaining two enquiries are still awaited. The new application stated that, given recent events, it would be wise to set a deadline for the outstanding investigations to be completed.

Tiwari cited Hindenburg's latest allegations on the SEBI chief and her husband's involvement with the Adani group's scam. The petitioner also stated, 'It becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations" due to the report's reputation for sowing an atmosphere of doubt.'

The application argued that 'it is important in the public interest and for the interest of the investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani group.' The plea added, 'The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.'