Adani row: Another plea in SC seeking panel to probe into Hindenburg report

Another plea has been moved in the Supreme Court seeking to constitute a Committee under the monitoring of the retired Supreme Court judge to investigate the Hindenburg Research reportThe petition has been moved by advocate Vishal TiwariIn his plea the petitioner said that he wants to depict the drastic condition and fate of people when there arises situations of share fall in the securities market due to various reasons at handLots of people who had whole lifetime saving in such stocks get a maximum setback due to fall in such shares with a huge amount of money getting into drain Various instances of suicides and other lifetaking incidences come up because of such huge loss of money where lifesaving of individuals are invested in the petitioner saidHence the petitioner sought to issue directions to the Centre to constitute a Committee under the monitoring of the retired Supreme Court judge in the interest of Nations dignity and prosperity to enquire and investigate on the Hindenburg Research report published on January 24Issue writ of mandamusdirections to the setup of a special committee for oversee of sanction policy for High power loans of more than 500 crores which are given to Big Corporate the petitioner also urgedAlso Read lsquoWill PM order probe of his friend AdanirsquoIn the aftermath of an unprecedented attack on billionaire Gautam Adanis vast empire by Hindenburg the market value of all 10 Adani stocks have halved with investors sitting with a colossal loss of Rs 10 lakh crore In the last seven trading sessions since the release of the report by the American shortseller the market capitalisation of all 10 Adani Group stocks is down by over 51 per cent to Rs 931 lakh crore Adani Group stocks fell 520 per cent on Friday wiping out Rs 319 trillion in investor wealth after Hindenburg Research said it stood by its findings of alleged share price manipulation and accounting fraud by the conglomerate the petitioner saidThe rout in Adani shares also impacted stocks of stateowned and private lenders with an exposure to the group fuelling the fall in the benchmark indices Nifty and Sensex to threemonth lows Seven listed companies of the Adani conglomerate controlled by one of the worlds richest men Gautam Adani have lost a combined USD 48 billion in market capitalisation since Wednesday and saw falls in its US bonds after Hindenburg Research flagged concerns in a report about debt levels and the use of tax havens the petitioner saidHowever Adani Enterprises have rejected the report as unresearched and maliciously mischievous the concern of the present petition is what is the fate of such investors who has lost such amount of money which brings a lifechanging and lifeending impact on such investors with no redressal available the petitioner addedA report by a USbased Hindenburg Research surfaced on January 24 claiming that the Adani Group had weak business fundamentals and was involved in stock manipulation and accounting fraud among othersThe report triggered a selloff of shares of all Adani Group companiesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever