The Supreme Court has reprimanded the petitioner for mixing up the investigation of 2016, 2020 and Hindenburg. During the hearing of the Hindenburg case in the Supreme Court on Wednesday, the petitioner once again raised the demand that SEBI (Securities and Transaction Board of India) tells what has come out of the investigation it has done since 2016. On this, Solicitor General Tushar Mehta, appearing for SEBI, objected and the Chief Justice also confirmed his point.
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Hindenburg, 2016 and 2020 case different
Petitioner Prashant Bhushan said in the court that a report should be given to SEBI on the investigation done in 2016 and 2020. During the hearing held on Wednesday, Supreme Court Chief Justice DY Chandrachud said on this demand – “We are only in the Hindenburg case. The 2016 probe pertains to the issuance of Global Depository Receipts (GDRs), while the 2020 probe pertains to flouting the Minimum Public Shareholding (MPS) norms. Can’t order an ongoing investigation in such a court.. How can a prima facie report be given in such an investigation?
Petitioner’s Questions and Tushar Mehta’s Reply
In fact, during the hearing of the case, there was an argument between the petitioner and Tushar Mehta. Prashant Bhushan said that a report should be sought from SEBI that what he found in the investigation done in 2016 and 2020? He also placed the Finance Ministry’s reply in Parliament in 2021 in the court. On this, Tushar Mehta said that the 2016 case has nothing to do with the Hindenburg investigation.
Can’t connect anything from 2016 to Hindenburg Report. The 2016 case was completely different and has nothing to do with the Hindenburg Report. None of the 51 Indian metros probed by SEBI in 2016 was linked to the Adani group.
Tushar Mehta
Solicitor General
When Prashant Bhushan again questioned Tushar Mehta’s answer, CJI Chandrachud told Bhushan-
We are debating here about the Hindenburg Report and the 2016 inquiry on the Global Depository Reset and the 2020 inquiry on Minimum Public Shareholding.
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Dinha Chandrachud
Chief Justice of India
Hearing on the report of the committee made by the Supreme Court on July 11
The report of the committee appointed by the Supreme Court to investigate the Hindenburg affair has already been jammed in the court. During the hearing held on Wednesday, the court said that time will be given to analyze its report, the next hearing on this report will be held on July 11. The CJI also said that this committee will consider further and help the court.
SEBI has time till August 14
SEBI, which is probing the Hindenburg case, has been given three more months by the court to complete the probe. The court has asked SEBI to submit a status report by August 14. SEBI wanted an additional time of 6 months to investigate the matter but the court said that you present the status report, whether to give further time or not, you can consider on August 14.