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New Delhi [India], November 24 (ANI): Hearing the Adani-Hindenburg matter, the <keyword id="6354977" type="General" weightage="50" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Friday remarked that it is easy to make allegations against anyone and opined the petitioners to show some responsibility while levelling charges against any party. A bench of Chief Justice of India DY Chandrachud, also comprising justices JB Pardiwala and Manoj Misra passed the remarks when one of the petitioners raised questions over members of the expert committee. Advocate Prashant Bhushan, appearing for one of the petitioners, told the court about one of the members of the expert committee Somashekhar Sundaresan, noting that he has been a lawyer representing Adin various forums including in the SEBI Board. CJI DY Chandrachud raised an objection to the petitioner's submission and remarked that if one goes with the theory that a lawyer who appeared 17 years ago can now not be appointed to the committee and like this, no lawyer who has appeared for an accused should become a High Court judge. CJI DY Chandrachud remarked that he is not an in-house counsel he was a lawyer and he appeared in 2006 and this conflict arose 17 years later. There has to be some responsibility for the allegations being levelled, SC remarked. During the hearing, the court also remarked that it is easy to make allegations and one must be also very careful. "We are not giving a character certificate to anyone," SC noted. When the hearing commenced today, Solicitor General Tushar Mehta told the top court that SEBI is not seeking an extension of further investigation matters relating to the Hindenburg report. Out of 24 cases in the Adani-Hindenburg matter, investigations in 22 cases are over For the remaining two cases, they need information from foreign regulators and others and they have been in consultation with them, SG Mehta informed the court. The court then said that it had intervened in the matter due to the extreme volatility of the stock market and sought to know what is SEBI planning to do for such kind of volatility and planning to protect investors in cases like short selling. SG Tushar Mehta took the court through the recommendations of the Expert Committee which SEBI has agreed with in principle. Advocate Prashant Bhushan, appearing for the petitioner, told the SC that there were many factual revelations in the Hindenburg report. He raised doubts about SEBI's role in the matter and says a lot of information was available to it in 2014. Bhushan informed the SC about a letter written in 2014 by the Directorate of Revenue Intelligence regarding substantial money siphoned to Mauritius. SG Mehta questioned Bhushan over this and said that DRI concluded the proceedings in 2017. The court remarked that to advocate Bhushan, appearing for the petitioner, it is easy to make allegations and one must be also very careful. SG Tushar Mehta urged the top court to stop these kinds of allegations. The court remarked that SEBI, a statutory body looks into stock market frauds. SG Tushar Mehta said that there is a growing tendency to plant stories outside India to influence decisions within India. After hearing the matter in length, the court reserved the order on various aspects related to the issue. Earlier, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) filed a status report before the Supreme Court apprising it that out of 24 investigations arising out of the Hindenburg report, 22 are final in nature and 2 are interim in nature. The investigation was carried out in compliance with the directions of the top court's order dated March 2, 2023, SEBI has investigated 24 matters. In the mid of May, the top court gave three months more time to the Securities and Exchange Board of India (SEBI) to conduct a probe into the Hindenburg report SEBI was granted time till 14th August 2023 to conduct the probe. On March 2, the <keyword id="6356229" type="General" weightage="80" keywordseo="apex-court" source="Orion">apex court</keyword> directed the capital market regulator SEBI to investigate any violations of securities law by the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. Supreme Court, on March 2, set up an expert committee on the issue arising from the <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months. The apex court was then hearing petitions pertaining to the Hindenburg report, including the constitution of a committee relating to regulatory mechanisms to protect investors' interests. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares. (ANI)

Adani-Hindenburg case: Easy to make allegations, can't take unsubstantiated ones, remarks SC

The <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> apprised the <keyword id="6354977" type="General" weightage="80" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday that the market regulator is already investigating AdGroup companies since 2016 is factually baseless. SEBI has filed a rejoinder affidavit in response to a petition relating to <keyword id="191733" type="General" weightage="80" keywordseo="hindenburg" source="Orion">Hindenburg</keyword> Research's report on the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>. SEBI had sought an extension to conclude the investigation in the report by US short-seller Hindenburg Research by a period of six months. The top court on Friday orally remarked that they will extend the time for the probe to SEBI, but not for six months and they can extend the time for the probe by three months. Petitioners had alleged that SEBI was probing the <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group since 2016. SEBI told the SC that the investigation done earlier by SEBI pertains to the issuance of Global Depository Receipts ("GDRs") by 51 Indian listed companies, in respect of which investigation was conducted. SEBI submitted before the Supreme Court that no listed company of Adani Group was part of those 51 companies it was investigating. "Pursuant to the completion of the investigation, appropriate enforcement actions were taken in this matter. Hence, the allegation that the Securities and Exchange Board of India ("SEBI") is investigating Adani since 2016 is factually baseless. I, therefore, say and submit that reliance sought to be placed on the investigation pertaining to GDRs is wholly misplaced," SEBI said in a rejoinder affidavit. SEBI submitted before Supreme Court that in the context of an investigation into Minimum Public Shareholding ("MPS") norms, SEBI has already approached eleven overseas Regulators under the Multilateral Memorandum of Understanding ("MOU") with the International Organization of Securities Commissions ("IOSCO"). Various requests for information were made to these Regulators. The first request to overseas Regulators was made as early as October 6, 2020, and SEBI apprised the court. SEBI submitted before the Supreme Court that the application for extension of time filed by SEBI is meant to ensure carriage of justice keeping in mind the interest of investors and the securities market since any incorrect or premature conclusion of the case arrived at without full facts material on record would not serve the ends of justice and hence would be legally untenable. SEBI has informed Supreme Court that in respect of the investigation and examination relating to 12 transactions referred to in the Hindenburg Report, prima facie it is noted that these transactions are highly complex and have many sub-transactions across numerous jurisdictions and a rigorous investigation of these transactions would require collation of data/information from various sources including bank statements from multiple domestic as well as international banks, financial statements of onshore and offshore entities involved in the transactions and contracts and agreements, if any, entered between the entities along with other supporting documents. On March 2, the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. Supreme Court, on March 2, set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee will consist of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months. The apex court was then hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect investors' interests. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. The Adani Group has attacked Hindenburg as "an unethical short seller", stating that the report by the New York-based entity was "nothing but a lie". A short-seller in the securities market books gains from the subsequent reduction in the prices of shares. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/fii-inflows-may-remain-consistent-in-may-with-turn-in-rate-cycle/articleshow/100234813.cms">FII inflows may remain consistent in May with turn in rate cycle</a> <a href="https://www.businessinsider.in/tech/news/heres-how-googles-new-ai-updates-will-transform-your-search-experience/articleshow/100242791.cms">Here’s how Google’s new AI updates will transform your search experience</a> <a href="https://www.businessinsider.in/tech/mobile/news/how-to-track-and-block-your-lost-smartphones-using-the-sanchar-saathi-portal/articleshow/100242116.cms">How to track and block your lost smartphones using the Sanchar Saathi portal</a>

SEBI investigating Adani since 2016 is factually baseless, regulator tells SC

JNUSU president <keyword id="3048656" type="UNKNOWN" weightage="20" keywordseo="Kanhaiya-Kumar">Kanhaiya Kumar</keyword> on Thursday moved the Supreme Court seeking to be released on bail. 
 
The apex court bench comprising Justice J. Chelameswar and Justice Abhay Manohar Sapre said they will hear the plea at 10.30 a.m. on Friday. 
 
Lawyer Vrinda Grover, who filed the plea on behalf of Kanhaiya Kumar, said in the petition that since the atmosphere in the Patiala House court complex was not conducive for moving the plea application, Kanhaiya Kumar was invoking his right under Article 32 to move the Supreme court directly for bail. 
 
Under Article 32, a citizen can move the Supreme Court for enforcing his fundamental rights. 
 
(Image: Indiatimes)

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Adani-Hindenburg case: Easy to make allegations, can't take unsubstantiated ones, remarks SC

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SEBI investigating Adani since 2016 is factually baseless, regulator tells SC

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JNUSU president Kanhaiya Kumar moves petition seeking bail

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