A new plea has been submitted to the Supreme Court, urging the Securities and Exchange Board of India (SEBI) to expedite the completion of two pending investigations related to alleged stock price manipulation by the Adani Group. The petition, filed by advocate Vishal Tiwari, references the recent report by US-based short-seller Hindenburg Research, which alleged that SEBI Chairperson Madhabi Puri Buch and her husband held undisclosed stakes in offshore funds connected to the Adani Group’s purported money-laundering activities.

Tiwari argues that the Hindenburg report has created "an atmosphere of doubt" among the general public and investors, heightening the need for a swift resolution of the ongoing probes. This plea comes after the Supreme Court, in January, refused to transfer the investigation to a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI), expressing confidence in SEBI’s ongoing "comprehensive investigation."

In his application, Tiwari challenges an August 5 order by the Supreme Court registrar that refused to register his plea for the expedited completion of SEBI's investigation. He contends that his fundamental rights have been infringed by dismissing his plea, effectively barring him from seeking further recourse in the apex court.

Tiwari's petition emphasizes the public's interest in the matter, especially following the release of the Hindenburg report, which cited whistleblower documents. The report echoed previous allegations against the Adani Group, which had led to significant market repercussions, including the cancellation of a major public offering by the company.

In response to the Hindenburg allegations, Buch and her husband issued a joint statement strongly denying the claims, labeling them as "baseless" and devoid of truth. Tiwari's application underlines the necessity for SEBI to conclude its investigations swiftly and transparently, given the ongoing public scrutiny and investor concerns.

The Supreme Court had previously directed SEBI to complete the pending investigations preferably within three months. However, Tiwari asserts that the timeline should be considered binding, despite the court’s use of the word "preferably," arguing that it implies a firm deadline.

In January, the Supreme Court had noted that SEBI had already completed 22 out of 24 investigations into the Adani Group but insisted on the importance of expediting the remaining cases to maintain public confidence in the regulatory process.

A new plea has been submitted to the Supreme Court, urging the Securities and Exchange Board of India (SEBI) to expedite the completion of two pending investigations related to alleged stock price manipulation by the Adani Group. The petition, filed by advocate Vishal Tiwari, references the recent report by US-based short-seller Hindenburg Research, which alleged that SEBI Chairperson Madhabi Puri Buch and her husband held undisclosed stakes in offshore funds connected to the Adani Group’s purported money-laundering activities.

Tiwari argues that the Hindenburg report has created "an atmosphere of doubt" among the general public and investors, heightening the need for a swift resolution of the ongoing probes. This plea comes after the Supreme Court, in January, refused to transfer the investigation to a Special Investigation Team (SIT) or the Central Bureau of Investigation (CBI), expressing confidence in SEBI’s ongoing "comprehensive investigation."

In his application, Tiwari challenges an August 5 order by the Supreme Court registrar that refused to register his plea for the expedited completion of SEBI's investigation. He contends that his fundamental rights have been infringed by dismissing his plea, effectively barring him from seeking further recourse in the apex court.

Tiwari's petition emphasizes the public's interest in the matter, especially following the release of the Hindenburg report, which cited whistleblower documents. The report echoed previous allegations against the Adani Group, which had led to significant market repercussions, including the cancellation of a major public offering by the company.

In response to the Hindenburg allegations, Buch and her husband issued a joint statement strongly denying the claims, labeling them as "baseless" and devoid of truth. Tiwari's application underlines the necessity for SEBI to conclude its investigations swiftly and transparently, given the ongoing public scrutiny and investor concerns.

The Supreme Court had previously directed SEBI to complete the pending investigations preferably within three months. However, Tiwari asserts that the timeline should be considered binding, despite the court’s use of the word "preferably," arguing that it implies a firm deadline.

In January, the Supreme Court had noted that SEBI had already completed 22 out of 24 investigations into the Adani Group but insisted on the importance of expediting the remaining cases to maintain public confidence in the regulatory process.