Adani-Hindenburg saga: Review petition challenges Supreme Court’s ruling
NEW DELHI : The Adani-Hindenburg saga returned to the Supreme Court on Tuesday with a petitioner seeking a review of the apex court’s decision to dismiss a plea for a separate investigation into allegations against the Adani group. According to the petition filed by lawyer Anamika Jaiswal, which Mint has seen, there are apparent errors in the court’s 3 January judgment.
Besides, it said, newly acquired evidence prompted the call for a review. The petition alleges that new documents, including email communications, demonstrate flagrant violations of Rule 19A of the Securities Contracts (Regulation) Rules, 1957 by Adani Group companies.
The petitioner has contested the Supreme Court’s observation that there was “no apparent regulatory failure attributable to Sebi", arguing that regulatory failures were evident. The petition says the Securities and Exchange Board of India’s diluted regulations for foreign portfolio investors (FPI) through amendments in 2018 and 2019, particularly by replacing the term ‘ultimate beneficial owner’ with ‘beneficial owner’, and removing the term ‘opaque structure’.
Further, the petition states that market regulator failed to identify all “economic interest shareholders" and “ultimate beneficial owners" of suspected overseas entities or Adani Group companies. The petition also accuses Sebi of not taking action under relevant laws and suggests a contradiction between the regulator’s policy stance and its enforcement actions.
The petition also alleges that the Supreme Court overlooked a letter from the Directorate of Revenue Intelligence indicating siphoning of money through over and under-invoicing from tax havens, which was purportedly invested by Adani Group in group stocks in India. The
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