NEW DELHI: The Supreme Court on February 15 tagged Congress leader Jaya Thakur's plea seeking an investigation against Adani Group and its associates in the light of revelation made by Hindenburg Research report with 2 other petitions related to it and listed it for hearing on, next Friday, February 17.
Two further petitions regarding the Hindenburg report were submitted earlier. Vishal Tiwari, an attorney, submitted one of the applications, asking for the creation of a committee to look into and ask questions regarding the Hindenburg Research study, under the supervision of a former Supreme Court judge. A second petitioner, attorney ML Sharma, has asked for an investigation into the US-based company whose report caused shares of the Adani Group to fall on the stock exchanges.
In response to the revelations revealed by the Hindenburg Research report, Jaya Thakur filed a petition with the Supreme Court asking for an investigation into Adani Group and its connections. General Secretary of the Madhya Pradesh Mahila Congress Jaya Thakur has moved her case through attorney Varinder Kumar Sharma.
The petitioner has sought the Supreme Court to launch a probe into the Adani Group of Companies and its affiliates, who are accused of defrauding the public and the government exchequer of millions of dollars. It requested an investigation by a number of investigative agencies, including the CBI, ED, DRI, CBDT, EIB, NCB, SEBI, RBI, and SFIO, under the supervision and guidance of the top court's sitting judge.
The petition also requested that the investigating agencies look into how the State Bank of India (SBI) and the Life Insurance Corporation of India (LIC) invested a significant sum of taxpayer money in the follow-on public offer (FPO) of Adani Enterprises at a price of USD 3,200 per share when the current market price for Adani Enterprises shares on the secondary market was around USD 1,800 per share.
According to the petition, the respondent company is now seriously under investigation as a result of the Hindenburg Research research. Additionally, according to its findings, the Adani Group inflated the share prices of its numerous firms and used the inflated prices to secure loans from both public and private banks totaling 82,000 crore.
According to the plea, the respondent company and its affiliates established a number of offshore shell companies in tax havens like Mauritius, Sypris, the UAE, Singapore, and the Caribbean Islands in order to transfer money using the hawala method and thereby engaged in money laundering as defined by Section 3 of the PMLA Act 2002.
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