Adani-Hindenburg row: SC agrees to hear fresh PIL on Friday

February 15, 2023 11:59

The Supreme Court on Wednesday agreed to hear on February 17 a fresh plea of a Congress leader seeking investigation under the supervision of a sitting apex court judge against the Adani Group of companies in light of the allegations made by the US-based Hindenburg Research.

A bench comprising Chief Justice D Y Chandrachud and Justice P S Narasimha took note of the submissions of a lawyer, representing Congress leader Jaya Thakur, that the plea needed urgent hearing.

The bench initially agreed to list the PIL for hearing on February 24 and later decided to hear on Friday after the lawyer pointed out that two other PILs are listed on February 17.

Thakur has also sought a direction for investigating the role of the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) in investing huge amounts of public money in the FPOs (follow on public offer) of Adani Enterprises, allegedly at a much higher rate than the prevailing share price in the secondary market.

A follow on public offer is a process by which a company already listed on a stock exchange issues new shares to the investors or shareholders, usually the promoters.

On Monday, the Centre had agreed to the apex court's proposal to set up a panel of experts to look into strengthening the regulatory mechanisms for the stock market following the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations -- PTI

« Back to LIVE

TOP STORIES

Khatua's olympic omission shrouded in secrecy

Shot putter Abha Khatua wanted to pursue her Olympic dream despite a recent family tragedy. However, she is now missing from India's Paris-bound contingent.

Infant dies, boy hurt in stray dog attack in Telangana

The boy died after allegedly being mauled by a pack of stray dogs at Jawahar Nagar in Hyderabad when he came out of his house Tuesday night.

3 Indians among crew held on Singapore ship with drugs

They are allegedly the owners of the drugs and had commissioned the trip, police commissioner-general Marthinus Hukom, head of the Indonesian National Narcotic Agency, told reporters at a press conference in Batam.

In back channel talks with China, confirms Tibetan govt-in-exile

The Tibetan government-in-exile and China are continuing to hold back-channel talks and the last round took place this month, just days before US President Joe Biden signed a legislation that seeks to press Beijing for a negotiated...

Unrest in BJP over tieup with NCP, says RSS-linked weekly

Describing the unrest among party members as just the "tip of the iceberg," the report shed light on the underlying discontent within the BJP.