Petitioner Claims SEBI Concealed 2014 DRI Alert on Adani in SC

A significant development has emerged in the Adani Hindenburg case being heard in the Supreme Court. An individual, Anamika Jaiswal represented by advocates Prashant Bhushan and Cheryl D’Souza has filed a sworn affidavit alleging that the Securities and Exchange Board of India (SEBI) deliberately withheld information. According to Jaiswals affidavit SEBI failed to disclose an alert it received from the Directorate of Revenue Intelligence (DRI) back, in 2014. This alert highlighted suspicions of stock market manipulation by the Adani group involving funds that were allegedly diverted and invested in Adani listed companies through entities based in Dubai and Mauritius.

The DRIs concerns were initially raised during an investigation into the overvaluation of imported power equipment by entities within the Adani group. These transactions were linked to a subsidiary based in the UAE.

This revelation adds another layer of complexity to the Adani Hindenburg case raising questions about transparency and information sharing, among regulatory bodies.
It highlights the importance of conducting an investigation, into these accusations to ensure justice and accountability are upheld.

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