The Supreme Court has refused to hand over the investigation of the claims to the CBI or a special investigation team. The Securities and Exchange Board of India (SEBI), the nation’s market regulator, has been ordered by the court to wrap up its investigation into two ongoing cases in three months.
The Supreme Court’s decision was based on several petitions that asked for a CBI or court-monitored investigation into Hindenburg’s allegations. A report from the international network of investigative journalists, the Organised Crime and Corruption Reporting Project (OCCRP), served as the foundation for one of the petitioners’ arguments.
Source: News Click
The Adani Group was charged in the report with using “opaque” money to direct investments into publicly traded stocks. One of the financial organisations that supports the OCCRP was established by the notorious American billionaire George Soros.
In February of last year, Soros had said that PM Modi will have to respond to inquiries on the Adani controversy from investors and lawmakers. According to the court, reports from unreliable sources that are published by outside organisations cannot be taken as definitive evidence.
Source: India Today
Despite the opposition’s claim that SEBI has been indolent in its inquiry, the SC has placed trust in the regulator. Not less noteworthy is the fact that neither the OCCRP nor the Hindenburg reports were able to convince the US government to forgo using one of its agencies to intervene in an Adani project.
The US International Development Finance Corporation had announced in November of last year that it will invest $553 million in Colombo West International Terminal Pvt Ltd, a joint venture between Adani Ports & Special Economic Zone Ltd and two Sri Lankan firms. It is SEBI’s responsibility to finish the investigation on schedule and refute any attempts by its critics to bring it into disrepute.
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