New Delhi: Alleging that Gautam Adani and his associates have "swindled lakhs of crores of public money", Congress leader Dr Jaya Thakur has moved he Supreme Court today seeking investigation against the Adani Group in the light of the report published by US-based short-seller Hindenburg Research.
The petition also seeks probe into the role of the Life Insurance Corporation and the State Bank of India for allegedly investing "huge amounts of public money" in the FPO of Adani Enterprises at a rate of Rs 3,200 per share when the prevailing market rate of the shares was around Rs 1,800 per share in the secondary market.
Has robust framework to deal with market volatility
Stock markets regulator Securitues and excange Board of India (Sebi) has told the Supreme Court that it is inquiring into allegations made in the Hindenburg report against the Adani Group as well as the market activity immediately preceding and post the publication of the report to identify any violations of its regulations.
It has also told the apex court hat it has a robust set of frameworks and market systems to ensure seamless trading and deal with the volatility in stock exchanges, while asserting that developed securities markets world over recognise short selling as a legitimate investment activity.
Sebi on Monday filed the 23-page written note before a bench headed by Chief Justice D Y Chandrachud, which was hearing two PILs relating to the recent Adani Group shares crash, and said it was already enquiring into both, the allegations made in the Hindenburg report as well as the market activity immediately preceding and post the publication of the report, to identify violations of SEBI Regulations...short selling norms, if any.
(With inputs from Live Law, PTI)
