Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

One of the <keyword id="6355791" type="General" weightage="20" keywordseo="PIL" source="Orion">PIL</keyword> petitioners has moved the <keyword id="6354977" type="General" weightage="20" keywordseo="Supreme-Court" source="Orion">Supreme Court</keyword> opposing SEBI's plea seeking a six-month extension to complete the probe into allegations of stock price manipulation by the Adani group and lapses in regulatory disclosure, saying the market regulator has already got sufficient time to inspect, examine, collect and seize relevant documents. The <keyword id="6355630" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="Orion">Securities and Exchange Board of India</keyword> (SEBI) recently moved an application in the top court seeking six more months for ascertaining possible violations related to misrepresentation of financials, circumvention of regulations and/or fraudulent nature of transactions, and completing the exercise. The top court had on March 2 asked SEBI to probe the matter within two months and also set up a panel to look into the protection of Indian investors after a damning report by a US short seller wiped out more than USD 140 billion of the conglomerate's market value. PIL petitioner and lawyer Vishal Tiwari Tuesday filed an application before a bench headed by Chief Justice D Y Chandrachud opposing the SEBI's plea, saying it will prolong the probe and cause inordinate delay. “That the Application filed by the respondent (SEBI) may prolong the matter and cause inordinate delay. The ...delay may allow the various corporate entities which are under the umbrella of investigation to manipulate the important data and figures and may cause tampering of evidence present in different shapes and modes,” Tiwari said in his reply. He said SEBI, even before the court ordered a probe, stated it had already begun the investigation and was enquiring into the situation emerging after the Hindenburg report. “When SEBI is already in action prior to the order passed by this court of investigation then it should have got the records and data which are required in the present investigation of several corporate entities and of Adani group,” Tiwari's reply said. The reply said SEBI has not stated in its plea as to who it has appointed to investigate the issue. “The reasons given in the application by SEBI for the extension time of six months are not acceptable because SEBI has already got sufficient time to inspect, examine, collect and cease (sic) the relevant documents, data, information, accounts statements etc. SEBI is trying to make the investigation process endless and delay will grant benefit to the wrong-doer companies and promoters,” it said. If SEBI does not take effective steps expeditiously without delay, then the investors' investments will remain in danger and the wrong-doers will manage to “manipulate or protect themselves by wrong means”, it said, insisting the market regulator should not be given more time for probe. In respect of the investigation related to 12 suspicious transactions, the SEBI has said these are complex and have many sub-transactions. A rigorous investigation of these transactions would require collation of data from various sources along with detailed analysis including verification of submissions made by the companies, it has said. The apex court, while directing the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework and for making recommendations to strengthen the process, had said it was appropriate to constitute such a panel of experts in order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past. The court-appointed Justice Sapre panel is to be provided assistance by the Centre and other statutory agencies including the SEBI chairperson. The Centre had agreed to the apex court's proposal to set up the committee to go into regulatory regimes. Four PILs have been filed in the top court so far on the issue by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist. Adani Group's stocks had taken a terrible hit on the bourses after Hindenburg Research made a litany of allegations, including those of fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies and asserted it complies with all laws and disclosure requirements. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/here-are-the-industries-with-the-highest-labour-market-churn/slidelist/99957941.cms">New jobs for old: Media, govt, tech sectors see highest labour market churn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/godrej-properties-q4-profit-up-58-to-412-cr/articleshow/99959036.cms">Godrej Properties Q4 profit up 58% to ₹412 cr</a>

Adani-Hindenburg row: PIL petitioner moves SC, opposes Sebi plea for extension of time to complete probe

The <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> is scheduled to pronounce on Thursday its order on a batch of PILs on the recent <keyword id="6367820" type="General" weightage="100" keywordseo="adani-group" source="Orion">Adani Group</keyword> shares crash triggered by the <keyword id="9916845" type="General" weightage="80" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword>'s fraud allegations. A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala is likely to deliver its verdict over setting up of a panel of domain experts for strengthening existing regulatory measures for stock markets. While reserving its order, the top court on February 17 had refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts. Observing that it wanted full transparency for protection of investors, the top court had also ruled out the possibility of any sitting judge overseeing the functioning of the proposed panel. Stressing that statutory bodies like market regulator Securities and Exchange Board of India (<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword>) are fully equipped and are on job, the central government had expressed apprehension that any unintentional message to the investors that regulatory bodies in India needed monitoring by a panel may have some adverse impact on the flow of money into the country. The Centre had told the bench that it wanted to provide details such as names and the scope of the panel's mandate in a sealed cover . Stock market regulator SEBI, in its note filed in the top court, had indicated it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the <keyword id="76451" type="General" weightage="50" keywordseo="Adani" source="Orion">Adani</keyword> Group as well as its share price movements. Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist. Tiwari, in his PIL, sought a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani. Another PIL filed by advocate M L Sharma sought prosecution of short-seller Nathan Anderson of the US-based Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and the "artificial crashing" of the Adani Group's stock value in the market. Congress leader Thakur, in his plea, has sought an investigation under the supervision of a sitting apex court judge against the Adani Group of companies in light of the allegations. The fourth PIL seeks a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group following allegations of fraud and share price manipulation. "Direct appropriate audit (transactional and forensic audits), inquiry and investigation by appropriate agencies such as Serious Frauds Investigation Office (SFIO); Registrar of Companies (RoC); Securities and Exchange Board of India (SEBI); ED (Directorate of Enforcement) on money-laundering aspect; I-T (Income-Tax Department on aspects of offshore transactions and tax-havens involved and DRI( Department of Revenue Intelligence), " the fourth plea said. Besides seeking a direction to the Centre and its agencies to render cooperation in the probe, the PIL has sought a direction to appoint a retired judge of the apex court or a committee to oversee and monitor the inquiry and investigation . Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

You Searched For "vishal tiwari" and got 2 results

Adani-Hindenburg row: PIL petitioner moves SC, opposes Sebi plea for extension of time to complete probe

PTI

Adani-Hindenburg row: SC to pronounce order on panel of experts on Thursday

PTI

Popular Keywords

Buying Guides