Supreme Court should take note of allegations levelled by Hindenburg against SEBI chief: Aam Aadmi Party
The Supreme Court should take note of the new developments and how facts were hidden, says AAP leader Sanjay Singh
New Delhi: Senior AAP leader and Rajya Sabha MP Sanjay Singh addresses a press conference, in New Delhi.
| Photo Credit: PTI
The Aam Aadmi Party (AAP) on Sunday (August 11, 2024) demanded that the Supreme Court take note of the allegations levelled by U.S. short seller Hindenburg against SEBI chief Madhabi Puri Buch.
Hindenburg Research has alleged that it suspects SEBI’s unwillingness to act against Adani Group may be because Madhabi Puri had stakes in offshore funds linked to the conglomerate – an allegation that the SEBI head called “baseless” and an attempt of “character assassination”.
Addressing a press conference, AAP Rajya Sabha MP Sanjay Singh said the SEBI had told a Supreme Court panel that the investigation into the Adani group was "directionless".
Also Read: Adani Group denies ‘malicious, mischievous’ Hindenburg allegations, says company has no commercial relationship with SEBI chief
"SEBI chief and her husband's money was invested in shell companies. Why were these facts hidden from the Supreme Court? The apex Court should take note of the new developments and how facts were hidden," he said.
The Securities and Exchange Board of India (SEBI) in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate’s listed companies. The investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters.
Also Read:Explained | Decoding the expert committee report on Adani
The SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14% and 20% across five publicly traded stocks of the conglomerate. It hasn't been stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator.
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