SC agrees to hear plea seeking probe into Hindenburg Research report on Adani firms

Supreme Court has agreed to hear on Friday a plea seeking a direction to the Centre to constitute a committee monitored by a retired apex court judge to inquire and investigate into the Hindenburg Research report which has made a slew of allegations against the business conglomerate led by industrialist Gautam Adani.

Advocate Vishal Tiwari, who has filed the petition, mentioned the matter for urgent listing before a bench headed by Chief Justice D Y Chandrachud on Thursday.

Tiwari told the bench, also comprising Justices P S Narasimha and J B Pardiwala, that a separate plea filed on the issue is scheduled to be listed for hearing on February 10.

In his plea, Tiwari said the petition depicts the "drastic condition and fate of people when there is a situation of sharp fall in the securities market due to various reasons.

Lots of people, who had their whole lifetime saving in such stocks, get a maximum setback due to a fall in such shares with a huge amount of money going into the drain, the PIL submitted.

In the aftermath of an unprecedented attack on billionaire Gautam Adani's vast empire by Hindenburg, the market value of all 10 Adani stocks have halved with investors sitting with a colossal loss, the plea filed by Tiwari submitted.

It is ultimately the public money for which the respondents (Centre and others) are answerable and there needs to be strict concern for mitigating such loans with a clear process and sanction policy for such high stake loan amount, it said.