NEW DELHI: The Supreme Court agreed to hear the request for a court-monitored investigation on Friday Hindenburg research report about Adani companies.
Attorney Vishal Tiwari, who filed the petition, cited the matter for urgent listing before a panel chaired by Chief Justice DY Chandrachud on Thursday. He told the court that a separate motion filed on the matter is expected to be filed at the February 10 hearing. Tiwari urged the bench that his request also be heard on Friday along with the separate motion, which the CJI agreed.
“A similar petition will come tomorrow,” he said, adding, “This is about the Hindenburg Research report that tarnished the country’s image and caused losses.”
Last month Hindenburg Research released a report making allegations of inventory manipulation and accounting fraud against Adani group companies. In response, Adani Group said Hindenburg’s report was not an attack on a specific company, but a “calculated attack” on India and its growth story.
In his Public Interest Litigation (PIL), Tiwari has also sought guidance to set up a special committee to oversee the sanctioning policy for loans of more than Rs 500 crore to large corporations.
He said the petition describes the “drastic condition and fate of the people” when there is a situation of falling stocks in the stock market due to various reasons. “Many people, who have been saving all their lives in such stocks, suffer a maximum setback due to the decline in such stocks with a huge amount of money going up in smoke,” said GDP.
“Ultimately, it is public money that respondents (Centre and others) are responsible for and there must be strict concern to mitigate such loans with a clear process and sanctioning policy for such a large loan amount,” he said.
Shares in Adani Group, led by industrialist Gautam Adani, hit stocks after the Hindenburg report against the business conglomerate.
– With agency entrances
Attorney Vishal Tiwari, who filed the petition, cited the matter for urgent listing before a panel chaired by Chief Justice DY Chandrachud on Thursday. He told the court that a separate motion filed on the matter is expected to be filed at the February 10 hearing. Tiwari urged the bench that his request also be heard on Friday along with the separate motion, which the CJI agreed.
“A similar petition will come tomorrow,” he said, adding, “This is about the Hindenburg Research report that tarnished the country’s image and caused losses.”
Last month Hindenburg Research released a report making allegations of inventory manipulation and accounting fraud against Adani group companies. In response, Adani Group said Hindenburg’s report was not an attack on a specific company, but a “calculated attack” on India and its growth story.
In his Public Interest Litigation (PIL), Tiwari has also sought guidance to set up a special committee to oversee the sanctioning policy for loans of more than Rs 500 crore to large corporations.
He said the petition describes the “drastic condition and fate of the people” when there is a situation of falling stocks in the stock market due to various reasons. “Many people, who have been saving all their lives in such stocks, suffer a maximum setback due to the decline in such stocks with a huge amount of money going up in smoke,” said GDP.
“Ultimately, it is public money that respondents (Centre and others) are responsible for and there must be strict concern to mitigate such loans with a clear process and sanctioning policy for such a large loan amount,” he said.
Shares in Adani Group, led by industrialist Gautam Adani, hit stocks after the Hindenburg report against the business conglomerate.
– With agency entrances
