One more PIL filed in SC on Adani-Hindenburg row

A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research. A bench headed by Chief Justice D Y Chandrachud is already seized of as many as three PILs alleging exploitation of innocent investors and ”artificial crashing” of the Adani Group’s stock value, and they are listed for hearing on Friday. On Monday, the Centre had agreed to the apex court’s proposal to set up a panel of experts to look into strengthening the regulatory mechanisms for the stock market following the recent Adani group shares meltdown triggered by Hindenburg Research’s fraud allegations. Stock market regulator Securities and Exchange Board of India (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 Adani Group as well as its share price movements. The fourth PIL has been filed by Mukesh Kumar, who claims to be a social worker, through lawyers Roopesh Singh Bhadauria and Mareesh Pravir Sahay. Lawyer Bhadauria also heads the legal cell of the Indian Youth Congress (IYC). “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 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