Adani-Hindenburg row: Plea in SC seeks contempt action against SEBI

New Delhi: A plea has been filed in the Supreme Court for initiation of contempt proceedings against the Securities and Exchange Board of India (SEBI), alleging it has violated the timeline for completing the investigation and submitting its report on the allegations of stock price manipulation by the Adani group.

An application has been filed by PIL petitioner Vishal Tiwari saying that despite the deadline given to the stock market regulator SEBI it has failed to comply with the direction of the court and has not submitted the final conclusion/report as was directed by the court.

It said by the order dated May 17, 2023, the apex court directed SEBI to submit its report till August 14, 2023.

It said on August 25, 2023, SEBI filed the status report regarding its investigation stating that overall it has done 24 investigations, out of which 22 investigations have achieved finality and two are of interim nature.

The application also referred to the latest report by the Organised Crime and Corruption Reporting Project (OCCRP) against the Adani Group and its alleged investments via “opaque” Mauritius funds.

The application said that the primary focus of the PIL was on what steps shall be taken in future to strengthen the regulatory system so that the investors could be protected and their investment in the share market remains safe.