Adani-Hindenburg case: SC plea to take US charges against Adani on record

The petitioner in the Adani-Hindenburg matter on Saturday filed a plea in the Supreme Court to take on record the charges by United States’ prosecutors against the conglomerate alleging bribery and corruption, terming the charges as relevant in the present case.

 

The plea states that the US charges “unveils malpractices carried out by the conglomerate and allegations are of such serious nature that they shall also be investigated by the Indian agencies in the interest of the nation.”

 

The petitioner has also called for the conclusive report by the Securities and Exchange Board of India (Sebi) on the probe carried out till now.

 

“The Sebi has to inspire confidence by concluding the investigations and placing on record the report and conclusion of the investigations. As there were allegations of short selling in the Sebi investigation and the present allegations leveled by the foreign authorities might have connection or may not have, but the investigation report of the Sebi shall clear this so that investors may not lose confidence,” notes the plea.

 

“In the instant case, it appears that Sebi is not able to make out a case, and such a position of the case not being made out is presented as a prima facie position, which cannot be confirmed unless more investigation is done,” adds Advocate Vishal Tiwari in the plea.

 

US prosecutors have charged Adani group’s chairman Gautam Adani, his nephew Sagar Adani, and several other executives of bribery and misleading statements on corporate governance.

 

The Adani group has denied the allegations of the US prosecutors and said that it will seek legal recourse.

 

The group’s CFO added that none of the 11 public companies of the group were subject to the charges and none of the issuers were accused of any wrongdoing in the legal filing.

 

In its probe in the Adani-Hindenburg matter, Sebi had earlier said that it had completed 22 of the 24 investigations.

 

After that submission by the regulator, four companies of the Adani group had received show-cause notices from Sebi till September in this financial year. Adani Green Solutions, Adani Ports & SEZ, Adani Power, and flagship Adani Enterprises had disclosed these show-cause notices on alleged wrongful categorisation of shareholding of certain entities as public shareholding.

 

Sebi had also issued a show-cause to Hindenburg in June in its probe in the short-selling matter.  More trouble 

> The petitioner had filed a plea in August seeking conclusive report from Sebi on Adani-Hindenburg probe

> New plea to add documents on US charges against Gautam Adani, other executives

> Earlier this year, Sebi had issued showcause notices to a few Adani group firms in alleged wrongful classification of shareholding

> Hindenburg Research also received a showcause notice in June