Seeking Answers: Here Are Three Petitions Before The Supreme Court In The Adani-Hindenburg Controversy

Three petitions have been filed before the Supreme Court relating to the controversy created by the Hindenburg Research’s report on the Adani Group.

These petitions have been filed by advocate M L Sharma, advocate Vishal Tiwari and Congress leader Jaya Thakur.

While the first two pleas have been already been heard, the third one is slated to be heard as a part of the batch today (17 February).

The Securities and Exchange Board of India (SEBI) had already told a bench headed by the Chief Justice of India that it is completely equipped to deal with the fallout of the Hindenburg Research report.

Moreover, the central government has no objection to the constitution of a committee to examine the related issues, provided that the expertise of SEBI is not compromised.

First Petition — M L Sharma

Sharma was the first to move to the court seeking directions to the SEBI and the Home Ministry to conduct an enquiry and register an FIR against the founder of Hindenburg Research.

He contended that the organisation hatched a conspiracy by short-selling Adani stocks in hundreds of billion dollars, before concocting their report, thereby crashing the stock market.

Second Petition — Vishal Tiwari

Tiwari has sought an enquiry into the contents of the Hindenburg report by a committee headed by a retired Supreme Court judge.

He additionally sought setting up of a special committee to oversee the sanctioning policy for loans of more than Rs 500 crore.

He has stated that there has been no concrete step taken by the central government or the SEBI despite a massive attack being perpetrated against the economic system of the country.

Third Petition — Jaya Thakur

Congress Leader Jaya Thakur, sought prosecution of the Adani Group and questioned the investments made by SBI and LIC at an inflated price. She has pleaded for a probe under the supervision of a sitting Supreme Court judge.