Adani-Hindenburg case: Next hearing in Supreme Court on 13 October, report claims

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Also read: Hindenburg Case: SEBI concealed 2014 DRI alert on Adani Group manipulations, says petitioner On 25 August, market regulator Sebi informed the Supreme Court that it had completed the probe in all but two allegations against the Adani Group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate. However, Anamika Jaiswal, one of the four petitioners said while the investigation against the Adani group was going on in the over-invoicing case, the Directorate of Revenue Intelligence (DRI) sent a letter to the then SEBI chairperson in 2014 alerting him that the group may be committing stock market manipulation using the money allegedly siphoned off using the modus operandi of over-valuation in the import of power equipment.

Also read: Adani in talks with global banks for $3.5 billion loan in one of top Asia loans in 2023: Report The petitioner accused Sebi of suppressing important facts from the court and sleeping over DRI alerts. "Mr Cyril Shroff Managing Partner, Cyril Amarchand Mangaldas has been a member of SEBI's Committee on Corporate Governance, which looks at offences like insider trading," the affidavit said, adding his daughter is married to Gautam Adani's son.

The petitioner submitted that five out of the 24 SEBI investigation reports are on insider trading allegations against the Adani group companies. Further, the petitioner cited documents, unearthed by a a journalist consortium 'Organized Crime and Corruption Reporting Project'.