Hindenburg report on Adani: Fresh PIL in Supreme Court seeks probe by committee headed by retired judge

A fresh public interest litigation (PIL) has been filed before the Supreme Court seeking an inquiry into the Hindenburg Research report on the Adani Group by a committee headed by a retired judge of the top court. [Vishal Tiwari v. Union of India and Ors].The petition has also sought setting up of a special committee to oversee a sanctioning policy for loans of more than ₹500 crore..Advocate Vishal Tiwari, in his petition, underlined the drastic condition and fate of people when shares lose value in securities market."Lots of people who had the whole life time saving in such stocks gets a maximum setback due to fall in such shares with huge amount of money getting into drain. Various instances of suicides and other life taking incidences come up because of such huge loss of money where lifesaving of individuals are invested in," the PIL stated..Highlighting the rout in Adani shares over the past week, the plea stated that it also impacted stocks of state-owned and private lenders with an exposure to the group, fuelling the fall in the Nifty and Sensex to three-month lows."Seven listed companies of the Adani conglomerate — controlled by one of the world’s richest men Gautam Adani — have lost a combined $48 billion in market capitalisation since Wednesday and saw falls in its U.S. bonds after Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens," the plea added..In this backdrop, the plea underscored that there was no concrete step or action from the Central government, the State Bank of India (SBI) and the Securities and Exchange Board of India (SEBI) despite such a massive attack being perpetrated on the economy system of the country..According to the petitioner, SBI, one of India's largest financial institutions, has provided loans totalling $2.6 billion to companies that are part of the Adani conglomerate."The question that public interest now throws upon is how such public money is being floating in the money market without any refined process of loan being disbursed and such therefore has shook the country through its huge exposure after the Hindenburg Report," the plea said..Regarding Adani Enterprises having rejected the report as 'unresearched' and 'maliciously mischievous', the petition stated that its concern was the fate of investors who lost huge amount of money without any redressal being available..Hindenburg report on Adani: ML Sharma moves Supreme Court seeking probe against Nathan Anderson