News Karnataka
Friday, March 01 2024
Finance

CJI: SEBI Limited by News Reports in Taking Action

highcourt
Photo Credit : IANS

New Delhi : D.Y. Chandrachud, the Chief Justice of India, has voiced reservations with the petitioners’ reliance on specific media reports in the Adani-Hindenburg case to make accusations against the Adani Group and India’s regulatory framework.

The court ruled that the Securities and Exchange Board of India (SEBI) could not be expected to base its conclusions on what has been reported in the media.

The petitioners’ exploitation of data from publications from organizations like Hindenburg Research and the Organized Crime and Corruption Reporting Project (OCCRP) also infuriated the Chief Justice.

D.Y. Chandrachud, the Chief Justice of India, has voiced reservations with the petitioners’ reliance on specific media reports in the Adani-Hindenburg case to make accusations against the Adani Group and India’s regulatory framework.

The court ruled that the Securities and Exchange Board of India (SEBI) could not be expected to base its conclusions on what has been reported in the media.

The petitioners’ exploitation of data from publications from organizations like Hindenburg Research and the Organized Crime and Corruption Reporting Project (OCCRP) also infuriated the Chief Justice.

The Solicitor General claims that Prashant Bhushan is in charge of the NGO.

Mehta told the court during the hearing that the investigation had concluded in 22 of the 24 cases pertaining to the accusations made against the Adani Group.

“For the other two, we require additional information as well as data from foreign regulators, etc. They and we have been in consultation. There has been some information, but for obvious reasons, we do not have control over the time limit there,” he stated.

Recall that the Adani Group had referred to the report as just another coordinated attempt by Soros-funded interests, aided by certain foreign media outlets, to resurrect the bogus Hindenburg report, even as it rejected the accusations made by OCCRP.

The Adani Group had said, “These claims are based on closed cases from a decade ago when the Directorate of Revenue Intelligence (DRI) probed allegations of over invoicing, transfer of funds abroad, related party transactions and investments through FPIs.

“An independent adjudicating authority and an appellate tribunal had both confirmed that there was no overvaluation and that the transactions were in accordance with the applicable law. The matter attained finality in March 2023 when the Supreme Court ruled in our favour.

“Clearly, since there was no overvaluation, there is no relevance or foundation for these allegations on transfer of funds.”

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Find the best odds at 10Cric and IPL Betting 2023! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp