Adani Group faces third public interest litigation in Supreme Court over Hindenburg report

Another public interest litigation (PIL) has been submitted to the Supreme Court about the Adani-Hindenburg issue, which continues to garner media attention in India. The third PIL concerning the topic has been submitted before the court. The investment of common investors' money in Adani group enterprises has drawn the ire of the State Bank of India and the LIC, who have called for a probe. The petition requests that a Supreme Court judge oversee a probe of Adani group entities.

Congress politician Jaya Thakur filed the most recent petition, claiming that LIC and SBI invested in Adani Enterprises' FPO at a price of Rs 3200 per share even though the share price on the secondary market had dropped to Rs 1800. Along with these organisations, the appeal also names the Central Government, the Ministry of Home Affairs, the CBI, ED, CBDT, DRI, and NCB, as well as SEBI, RBI, SFIO, LIC, SBI, and the Adani Group.

Advocates Visal Tiwari and ML Sharma have already submitted two prior petitions to the Supreme Court over the Adani-Hindenburg dispute. This most recent petition will be heard by the court on February 17, 2023.

Tushar Mehta, the solicitor general, said he had no issues with the creation of a committee to reinforce the current regulatory framework to safeguard investors' interests at the hearing on February 13. The stock market regulator, SEBI, has stated that it is opposed to short selling, though. The agency has declared that it is looking into Hindenburg's claims on the changes in the shares of Adani Group and its companies, which were presented to the bench hearing the case and led by Chief Justice DY Chandrachud.

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