New Supreme Court Petition Demands Closure of SEBI Adani Probe Amid Hindenburg Allegations

An application has been filed in the Supreme Court urging the completion of the Securities and Exchange Board of India’s (SEBI) investigation into the Adani Group. This comes as SEBI approaches the end of its 24th and final case concerning the Adani-Hindenburg saga.

The petition, submitted by advocate Vishal Tiwari on August 13, 2024, highlights recent allegations by Hindenburg Research against SEBI Chairperson Madhabi Puri Buch, which have raised concerns about the impartiality of the probe. Tiwari’s plea argues that these new allegations create an “atmosphere of doubt,” making it crucial for the Supreme Court to expedite the investigation and release SEBI’s findings.

The Supreme Court had previously granted SEBI a three-month deadline to conclude its investigations following a January 3 ruling, which has now long passed. Tiwari plans to file another petition requesting the court to mandate SEBI’s final report on the matter.

The push for the final report has intensified following Hindenburg Research’s latest accusations against Puri Buch, alleging her involvement in an offshore fund linked to the Adani group. Puri Buch has denied these claims and provided a detailed rebuttal.

Tiwari has emphasized the need for transparency, stating that the delay in publishing the findings must be addressed to clear the prevailing doubts surrounding the investigation.