A fresh petition has been filed in the Supreme Court in response to the recent developments related to the Hindenburg report. The petitioner has raised concerns about the alleged refusal by the Supreme Court Registrar to register his application and has requested the court to intervene and direct the registry to register his miscellaneous application.
This petition is seen as an urgent call for compliance with a previous order issued by the Supreme Court. The petitioner, Advocate Vishal Tiwari, has argued that the controversy surrounding the Hindenburg report has made it crucial for the Securities and Exchange Board of India (SEBI) to complete its ongoing investigations and provide a clear conclusion.
He has moved the court to allow his appeal against the Registrar's lodgement order dated August 5, 2024, and to instruct the registry to register his miscellaneous application.
According to the petition, the Registrar of the Supreme Court refused to register the application under Order XV Rule 5 of the Supreme Court Rules 2013, citing a lack of reasonable cause for registration.
The petitioner contends that this refusal has effectively suspended his Fundamental Right and has barred him from accessing the court. He argues that the Registrar's decision contradicts the Supreme Court's earlier direction issued on January 3, 2024, which set a timeline of three months for SEBI to complete its investigations.
Advocate Tiwari emphasised that the use of the word "preferably" in the court's order should not be interpreted as an indefinite timeline. He believes that the three-month period mentioned in the order was a clear deadline for SEBI to conclude its investigations.
The petitioner has expressed concerns that the delay in SEBI's investigations, coupled with the Registrar's refusal to register his application, has created an atmosphere of doubt and uncertainty among the public and investors.
The fresh plea also highlights allegations made by whistleblower Hindenburg, who claimed that SEBI Chairperson Madhabi Buch and her husband were involved in offshore funds controlled by Vinod Adani, the elder brother of Adani Group Chairman Gautam Adani.
The whistleblower documents allege that these funds were used for round-tripping and inflating stock prices. The petitioner has cited these allegations to underscore the need for SEBI to promptly conclude its investigations and provide transparency.
According to the plea, Hindenburg alleged that despite SEBI's denial of the allegations, the delay in completing the investigations has led to public scepticism.
The whistleblower's claims include an email allegedly obtained from a source, suggesting that SEBI Chairperson's husband attempted to move assets out of her name before her politically sensitive appointment. The petition argues that these allegations, if left unaddressed, could further erode public trust in the regulatory body.
The fresh plea before the Supreme Court seeks immediate action to ensure that SEBI completes its investigations and provides a conclusive report on the allegations raised in the Hindenburg report.
The petitioner has called for the court's intervention to ensure that his application is registered and heard, emphasising the importance of maintaining public confidence in the regulatory process.
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