Hindenburg Case: SEBI concealed 2014 DRI alert on Adani Group manipulations, says petitioner
Hindenburg matter told the Supreme Court of India. In 2014, DRI investigated a case of overvaluation of the import of equipment and machinery by various entities of the Adani Group from a UAE-based subsidiary, according to a report published by the news agency ANI. “It is shocking that the SEBI has suppressed and concealed this important information from the top court and never conducted any investigation based on the DRI alert," said petitioner Anamika Jaiswal.
She said that SEBI has not disclosed the receipt of the said letter and evidence from the DRI to date before this court. "Rather, they have categorically stated before the Expert Committee that the investigation into possible contraventions of rules and regulations by the Adani group of companies started on 23.10.2020 after receipt of complaints in June-July 2020," the affidavit read. The petitioner said it is evident from the letter of the DRI that SEBI has suppressed facts and provided false information which amounts to perjury, as per ANI reports.
“The then SEBI chairperson UK Sinha instead of acting on the DRI letter preferred to close the ongoing investigations into the Adani group. It is pertinent to mention herein that the said SEBI chairperson in January 2014, was appointed on February 18, 2011, and retired on March 1, 2017," the affidavit read. Interestingly, he is currently serving as "Non-Executive Independent Director-Chairperson" of NDTV, which has been acquired by the Adani group in 2022," the affidavit read.
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