New Delhi: A plea has been moved in the Supreme Court for issuing a direction to initiate a probe into an indictment made in a US court against billionaire Gautam Adani and others for alleged payment of bribery to Indian government officials to secure billion-dollar contracts.
The application filed by advocate Vishal Tiwari said the case against the billionaire in the US "unveiled the malpractices carried out by the Adani Conglomerate and the allegations are of such serious nature that they shall also be investigated by the Indian Agencies in the Interest of nation.”
Tiwari in his plea said the Security Exchange Board of India (SEBI), which was directed by the Supreme Court to probe into charges levelled in the 2023 Hindenburg report, was yet to conclude its probe as per the apex court's order of January 3, 2024.
The application said, "It appears that SEBI is not able to make out a case, and such a position of the case not being made out is presented as a prima facie position, which cannot be confirmed unless more investigation is done".
It said in any prosecution of proceedings, whether civil or criminal, the presentation of a prima facie case is the responsibility of the plaintiff or the prosecutor, and once a prima facie case is made out, the burden shifts to the accused.
The petition pointed out that despite the three-month deadline given by the Supreme Court in its order on January 3, 2024, the SEBI did not file any report and conclusion of the investigations till now. “And in the present scenario when the investigation report is not brought on record, it reduces the confidence in the regulatory authority SEBI," it said.
“The documents annexed herewith are relevant in the present case of the petitioner as they have unveiled the malpractices carried out by the conglomerate and the allegations are of such serious nature that they shall also be investigated by the Indian agencies in the interest of the nation. In the interest of justice, the documents filed may be taken on record," said the application.
The application said the SEBI has to inspire confidence by concluding the investigations and placing on record the report and conclusion of the investigations. “As there were allegations of short selling in the SEBI investigation and the present allegations levelled by the foreign authorities might have a connection or may not have but the investigation report of the SEBI shall clear this so that investors may not lose confidence," said the application.
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