Adani route triggers PIL seeking probe into Hindenburg report by retired SC judge

With the Adani route roiling the markets through the last few days, a petition filed in the Supreme Court has demanded setting up of a committee under a retired Supreme Court judge to look into the Hindenburg report that has accused the conglomerate of unfair practices.

Filed by lawyer Vishal Tiwari, the PIL states that the government has not taken any concrete action so far, despite the Hindenburg report being a massive attack being perpetrated on the economy of the country.

“It’s a matter of serious concern that there such unregulated disbursal of loan with huge loss in the form of such huge exposure has destroyed public money at large with no redressal being addressed by the government agencies as to how to recover the losses in respect to such public money,” the PIL said, pointing at the SBI exposure to the Adani group.

The government is answerable as a large amount of public money is at stake, and there needs to be strict concern for mitigating of such loan with clear process and sanction policy for such high stake loan amount, it said. The petition also asks Supreme Court to set up a special committee
to oversee the sanction policy for loans of more than 500 crores given to big corporates.