The Supreme Court will hear on February 10 – two PILs seeking probe into the report on Adani Group by a US, New York based firm Hindenburg Research which led to shattering of Adani Groups shares in the stock market causing humongous loss to the investors and the financial institutions.
Tagging a fresh petition seeking probe into the report by Hindenburg Research with an already pending petition on the same issue by advocate Manohar Lal Sharma, a bench of Chief Justice DY Chandrachud, Justice PS Narasimha and Justice JB Pardiwala said that the matter will come up for hearing tomorrow – February 10.
The bench said that the plea will be taken up for hearing on Friday, following a mention by an advocate petitioner Vishal Tiwari seeking an early listing.
Tiwari has said that the Hindenburg Research Report on the Adani Group has “tarnished the image of the country” and has caused loss to the investors who had invested their life time savings in the stock market.
Seeking direction to the Centre to constitute a committee to inquire into the Hindenburg Research Report, the petitioner advocate Vishal Tiwari has also sought direction for setting up of a committee to oversee the sanction of loans above Rs 500 crores to big corporates.
The petitioner Tiwari has sought direction to the Centre to set up a committee to probe into the Hindenburg Research Report under the supervision of a retired apex court judge.
Besides seeking inquiry into the Hindenburg Research Report, the petitioner Tiwari has also sought direction for setting up of a ‘special committee’ to oversee the sanction of loans of more than Rs 500 crore which are given to big corporates.
Pointing out that banks and the financial institutions are procedural to the core when it comes to advancing loans to small investors including farmers seeking a few lakhs of rupees but are equally lax when it comers shelling out huge loans to big corporates, Vishal Tiwari cited an instance when apex court in an observation rebuked a banks which was insisting on recovery of loan given to the farmers.
The top court in the said observation had told a bank “Go and Catch Big fish who loot 1000’s of Crores….”
Making his plea, a small investor centric, who have suffered a huge blow in the aftermath of Hindenburg Report, Tiwari has said that it is these people who suffered the biggest knock of the crash of Adani share, putting them into distress, having lost their life time savings.
Though Adani Enterprises have rejected the report as “unresearched” and “maliciously mischievous”, the petitioner Tiwari said that the “concern of the present petition is what is the fate of such investors who have lost such an amount of money which brings a life changing and life ending impact on such investors with no redressal available.