Notably, controversy broke over the weekend when US-based shortseller Hindenburg Research doubled down on its earlier allegations of stock manipulation against the Adani group.
In a new report released on August 10, Hindeburg also alleged that the SEBI chairperson Madhabi Puri Buch may have conflicts of interest in the matter.
The report said that a possible reason for the apparent lack of interest shown by the SEBI in investigating allegations of fraud against Adani may be because Buch and her husband Dhaval Buch had stakes in offshore companies with links to Adani companies.
These allegations have also been highlighted in Tiwari’s latest plea.
“The (August 10) report comes a year and a half after its damaging report on the Adani Group that had far-reaching consequences, including the cancellation of the company’s flagship Rs 20,000 crore follow-on public offer … this all has created an Atmosphere of doubt in the minds of public and investors and in such circumstances, it becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations,” Tiwari has contended.
Meanwhile, SEBI responded to the allegations by requesting investors to remain calm before reacting to such reports, assuring that the allegations against Adani have been duly investigated and stating that it remains committed to ensuring the integrity of the Indian capital market.
“Chairperson has also recused herself in matters involving potential conflicts of interest,” the response said.
A statement was also reportedly issued by Madhabi Buch and her husband, refuting the allegations of conflict of interest.
On January 3 this year, the Supreme Court had declined to interfere or order further action on allegations of stock manipulation levelled by Hindenburg against the Adani group.
In its judgment, the top court had said that it could not go by newspaper reports on the controversy or supplant its views for that of experts, while leaving it to the SEBI to decide if any further action was required in the matter.
Source: Barandbench
