Adani Group Crisis: Plea in Supreme Court Seeking Media Gag on Reports Against Adani Companies
A plea has been moved in the Supreme Court seeking to issue a gag order restraining media from releasing any statement against the listed companies including the Adani group of companies unless pre-verified by the SEBI.
New Delhi, February 7: A plea has been moved in the Supreme Court seeking to issue a gag order restraining media from releasing any statement against the listed companies including the Adani group of companies unless pre-verified by the SEBI.
The petition has been moved by advocate ML Sharma, who has earlier also sought a probe against the US-based firm, whose report has led to shares of Adani group plunging on the bourses. Adani Group Crisis: Seven Adani Stocks Faced Regulatory Surveillance Since 2019 for Price Rise and Fall, Other Issues, Says Market Data.
This time Manohar Lal Sharma filed another plea in the Supreme Court seeking direction to issue a Gag order restraining Media to release any statement /allegations against the listed companies including the Adani group of companies without being pre-verified by the Securities and Exchange Board of India (SEBI) in accordance with the law. Adani Group Crisis: Jammu and Kashmir Bank Says ‘Our Loans to the Embattled Business Firm Are Secure’.
"If the Gag order restraining media to release any allegations without verified by SEBI is not issued millions of innocent investors will be suffered serious financial and reputation loss and injury which cannot be compensated in terms of money on the other hand if Ex-parte Gag order is released restraining media to release any statement and allegation without pre-verified by Sebi there will be no loss and injury to anyone and millions of investors will be protected," the plea said.
An allegation without verified evidence is dangerous and it cannot be allowed to be released in any manner in either forum in any media by anyone, the advocate said.
Adding further, he claimed that media hype has crashed the Indian share Market by more than 50 per cent. Regular allegations /statements in the media are creating panic amongst the investors who are selling their stock under panic and suffering financial losses.
Common investors are being butchered which must be stopped in the interest of justice, the petitioner said. Earlier claiming Hindenburg Research has "exploited innocent investors", he filed a public interest litigation in the Supreme Court seeking a probe against the US-based firm, whose report has led to shares of Adani group plunging on the bourses.
The PIL by a lawyer sought an inquiry to prosecute short sellers Nathan Anderson, a resident of US, and his Indian entities. The plea also sought to register an FIR against Anderson and his associates for exploiting and duping lakhs of innocent investors.
In the "interest of justice," ML Sharma also seeks compensation for investors who suffered losses due to a crash in stock price. Nathan Anderson is the founder of Hindenburg Research which published a report recently leading to a huge dent in the Adani Group firms' assets.
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