Supreme Court to hear Hindenburg Research’s conspiracy against Adani group pleas

The report's findings have damaged the country's reputation


New Delhi : The Supreme Court will hear two PILs that seek a court-monitored investigation into the alleged “conspiracy” by American short-seller Hindenburg Research against the Adani Group on Friday. Lawyers ML Sharma and Vishal Tiwari claim in their PILs that American firm Hindenburg engaged in “monumental loss to investors” by shorting Adani shares.

“The report’s findings have damaged the country’s reputation. The economy is suffering as a result “According to the petition filed by Tiwari. According to the petition filed by Sharma, the markets were negatively impacted by the report’s publicity, and Nathan Anderson, the founder of Hindenburg, had failed to provide evidence supporting his claims to the Indian regulators at the Securities and Exchange Board of India.

The allegations of “brazen accounting fraud” and “stock manipulation” made by the Gautam Adani-led conglomerate in the Hindenburg report have sparked a major political and economic controversy in India, with critics of the ruling Bharatiya Janata Party pointing fingers at Modi and his administration for their alleged ties to Adani.

Multiple adjournments of Parliament’s ongoing Budget session have been caused by the Congress and other opposition parties demanding that allegations against Adani be probed, either by a joint parliamentary committee or via a team monitored by the Supreme Court. These parties include the Trinamool Congress, the Dravida Munnetra Kazhagam, the Shiv Sena (ex-Maharashtra chief minister Uddhav Thackeray’s faction), and the Communist Party of India.