INDIA: In a recent development, Congress leader Jaya Thakur moved to the Supreme Court of jurisdiction, seeking a fair investigation against the Adani Group in the stock manipulation and accounting fraud found by the US-based Hindenburg Research.
Thakur accused Gautam Adani and his close associates of misleading people and cheating them with lakhs and crores of public monies.
As per the reported petition, “The Adani Group of Companies and their associates have set up offshore shell companies in tax havens such as Mauritius, Cyprus, the UAE, Singapore, and the Caribbean Islands for the transfer of money through the hawala route.”
The petitioner thereby also targeted big banks such as the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI) for allegedly investing huge amounts of public money in the FPO of Adani Enterprises at a rate of Rs 3,200 per share.
According to the Congress leader, the alleged bankers knew the prevailing market rate of the shares, which was around Rs 1,800 per share in the secondary market, but they actively participated in the sharp practice.
The plea additionally pointed out that “despite glaring and serious violations of the SEBI Act, 1992, neither the Securities and Exchange Board of India (SEBI) nor the Reserve Bank of India (RBI) has taken any action or initiated any investigation against the Adani Group.” “The act of the Adani Group to inflate its share prices for the purpose of seeking bank loans and the failure of the authorities to take any action against the Adani Group has lowered the confidence of overseas investors.”
This is the third case registered against the business giant. The apex court previously seized two petitions demanding investigation and rescheduled to hear them on February 17.
According to the claims, “The Adani group, i.e., respondent no. 13, is indulging in huge corruption for gaining illegal and undue benefits, such as loans from various banks upon highly inflated share prices of their companies, due to which Rs 82,000 crore of public money is at risk.”
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