Congress Leader’s petition seeking probe into SBI and LIC investments: Supreme Court to hear Adani case on February 17

Today, a writ petition was filed by Congress leader Dr. Jaya Thakur in the Supreme Court seeking investigation against the Adani group as she alleged that Gautam Adani along with his associates was responsible for swindling lakhs of crores of public money. The petition was filed in the light of US-based short-seller Hindenburg Research’s report that claimed inflation of share prices via malpractices and manipulations. In addition, the petition also demands probe regarding the role of the State Bank of India and Life Insurance Corporation to invest a large amonut of public money at a rate of Rs. 3200 per share when market rate was around Rs. 1800 per share in the FPO of Adani Enterprises.  

The petitioner seeks detailed investigation by investigating agencies (ED, SEBI, CBI, SFIO, DRI, RBI and others) under the supervision of Supreme Court judge. In the previous hearing, the top Court suggested to have an expert committee for reviewing the regulatory framework to which the Centre has no objection informed by Solicitor General of India Tushar Mehta on February 13, 2023. The bench hearing the matter told the Solicitor General to submit the suggested notes by Wednesday and posted the matter to February 17, 2023.   

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