The original logo of the Securities and Commerce Board of India (SEBI) at its headquarters in Mumbai, India
| Photograph Credit ranking: FRANCIS MASCARENHAS
A petitioner within the Adani-Hindenburg case within the Supreme Court docket has filed an affidavit accusing the Securities and Commerce Board of India (SEBI) of “concealing” an alert it obtained from the Directorate of Revenue Intelligence (DRI) about stock market manipulation by the Adani neighborhood in 2014.
Anamika Jaiswal, represented by advocates Prashant Bhushan and Cheryl D’Souza, alleged that SEBI had “concealed a January 2014 DRI alert about Adani having siphoned off money and invested them in Adani listed companies by entities based mostly fully in Dubai and Mauritius”.
Ms. Jaiswal’s affidavit claimed the DRI sent a letter to then SEBI chairperson, UK Sinha, on January 31, 2014, alerting that “there might perchance perhaps perhaps perhaps be stock market manipulation being committed by the Adani neighborhood of companies the utilization of the money siphoned off by overvaluation within the import of energy gear”. It acknowledged the DRI became on the time investigating a case of overvaluation of import of gear and equipment by various entities of Adani neighborhood from a UAE-based mostly fully subsidiary.
“The letter became accompanied by a CD containing evidence of siphoning of ₹ 2,323 crores and two notes on the case being investigated by the DRI. The letter extra talked about that more paperwork might perchance perhaps perhaps perhaps be obtained from the Mumbai zonal unit of the DRI,” the affidavit talked about.
The affidavit acknowledged Mr. Sinha, “in station of appearing on the DRI letter, most in model to shut the ongoing investigations into the Adani neighborhood”, and that the suppression of info and providing counterfeit info amounted to perjury.
The affidavit went on to narrate that SEBI categorically instructed the Supreme Court docket-appointed Justice AM Sapre committee that investigation into Adani started simplest on October 23, 2020 after receiving complaints in June-July 2020.
UK Sinha at swear serves as ‘non-govt neutral director-chairperson’ of NDTV, which became obtained by the Adani neighborhood in 2022.