NEW DELHI: The Supreme Court would hear on Friday two PILs for a direction to the Centre and SEBI to inquire into alleged "criminal conspiracy" behind the Hindenburg report into Adani group of companies, which resulted into massive losses to investors in stock market.
Advocate Vishal Tiwari mentioned the matter before a bench presided over by Chief Justice D Y Chandrachud for listing of his PIL with another plea by advocate Manohar Lal Sharma coming up for hearing on Friday.
The court agreed to tag his PIL with the plea.
A bench of CJI and Justices P S Narasimha and J B Pardiwala would consider both the PILs listed as item nos 46 and 47 in the causelist.
The PIL filed by Sharma contended that USA resident Nate Anderson of Hindenburg Research and his Indian entities hatched a criminal conspiracy did short sale in hundreds of billion dollars prior and thereafter on January 25, 2023, they released a concocted news as research report qua to the Adani Group of the companies, got crash share market and squared up their short sell position at the lowest rate.
American short seller Hindenburg Research's report about Indian billionaire Gautam Adani has led to a stock rout, erasing over US Dollor 100 billion from his empire and pushing him down on the global rich list.
In its report, five-year-old Hindenburg Research accused the Adani Group conglomerate of being involved in accounting fraud and "brazen stock manipulation". The Adani group had rubbished the allegations.
Sharma also filed an application for a gag order against media from publishing allegations in connection with the Adani group firms unless market regulator Securities and Exchange Board of India verified them.
The interim application by Sharma, said media hype has crashed the Indian share market by more than 50 % and the allegations are creating panic amongst the investors.
The plea further claimed that common investors were being butchered which must be stopped in the interest of justice.
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