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‘Gag media on Adani firms reporting', lawyer files plea in SC

By Lawstreet News Network      Feb 08, 2023      0 Comments
‘Gag media on Adani firms reporting', lawyer files plea in SC

NEW DELHI: A plea has been filed in the Supreme Court for issuing a gag order against media from publishing allegations in connection with the Adani group firms unless market regulator Securities and Exchange Board of India verified them.

The interim application, filed by advocate M L Sharma, said media hype has crashed the Indian share market by more than 50 % and the allegations are creating panic amongst the investors.

The plea further claimed that common investors were being butchered which must be stopped in the interest of justice.

The PIL filed by Sharma contended that USA resident Nate Anderson of Hindenburg Research and his Indian entities “hatched a criminal conspiracy did short sale in hundreds of billion dollars prior and thereafter on January 25, 2023, they released a concocted news as research report qua to the Adani Group of the companies, got crash share market and squared up their short sell position at the lowest rate”.

American short seller Hindenburg Research's report about Indian billionaire Gautam Adani has led to a stock rout, erasing over US Dollor 100 billion from his empire and pushing him down on the global rich list.

In its report, five-year-old Hindenburg Research accused the Adani Group conglomerate of being involved in accounting fraud and "brazen stock manipulation". The Adani group had rubbished the allegations.

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