Updated February 13th, 2024 at 17:01 IST
Review plea filed in Supreme Court over Adani Group probe verdict
The petition, filed by Anamika Jaiswal, one of the original petitioners, through advocate Neha Rathi, cites purported "mistakes and errors" in the judgment.
A plea has been lodged in the Supreme Court seeking a review of its January 3 ruling, wherein it declined to transfer the investigation into allegations of stock price manipulation by the Adani Group to either a special investigation team (SIT) or the Central Bureau of Investigation (CBI).
The petition, filed by Anamika Jaiswal, one of the original petitioners, through advocate Neha Rathi, cites purported "mistakes and errors" in the judgment. It contends that recent disclosures warrant a reevaluation of the verdict.
The crux of the petition underscores the need for public disclosure of the findings and actions taken by the Securities and Exchange Board of India (SEBI), the market regulator, following its investigation into the allegations. The plea argues that without such disclosure, it cannot be definitively concluded whether there was a regulatory lapse.
The Supreme Court, in its earlier ruling, had highlighted SEBI's ongoing investigation into 22 out of 24 matters concerning the Adani Group. However, the review petition stresses that SEBI's report merely updated the court on the status of investigations, without divulging any substantive findings or regulatory actions taken.
The plea asserts that the rejection of the petitioner's prayer for a court-monitored SIT probe into the alleged market manipulation involving offshore entities linked to the Adani Group warrants reconsideration considering the purported errors.
The January 3 verdict was delivered in response to a series of petitions pertaining to the Adani-Hindenburg row, which raised allegations of stock price manipulation against the conglomerate. The controversy ensued after Hindenburg Research made damning accusations, prompting a tumultuous downturn in Adani Group stocks on the stock exchanges.
The Adani Group vehemently refuted the allegations, characterising them as baseless and reaffirming its compliance with all regulatory requirements.
(With PTI inputs)
Published February 13th, 2024 at 17:01 IST