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NEW DELHI: India’s top court, hearing two petitions related to large investor losses following a report by a U.S. short seller on the Adani conglomerate, said on Friday that investor interests need to be protected.

“Now the stock market is not a place where only high-value investors invest. It is also a place where … investment is made by a wide spectrum of middle class,” Chief Justice D.Y. Chandrachud said.

“The point of concern here is how (to) … protect the interest of investors,” Chandrachud said.

The petitions were filed days after the Jan. 24 report by New York-based Hindenburg Research, which accused the Adani group of improper use of offshore tax havens and stock manipulation.

Indian regulator probes Adani’s links to investors as Modi’s office is briefed

The ports-to-energy conglomerate, controlled by billionaire Gautam Adani, one of the world’s richest people, has seen shares in its seven companies lose more than $100 billion in market value since the report was made public. Adani has denied the charges.

The petitions were filed under a provision of Indian law that allows any individual to raise an issue concerning public interest before the Supreme Court.

Chandrachud is part of a three-judge bench hearing the petitions, one of which asks the court to take action against Nathan Anderson, who runs Hindenburg Research, for causing investor losses via short selling.

The hearings will continue on Monday.

Last week, the group’s flagship entity Adani Enterprises pulled its secondary share offering, India’s largest ever, because of the selloff.

On Friday, ratings agency Moody’s downgraded the ratings outlook for some of the group’s entities in the latest in a series of blows for the group.

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SAMIR SARDANA Feb 11, 2023 09:36pm
“The point of concern here is how (to) … protect the interest of investors,” Chandrachud said. SEBI/NSE/BSE,KNOW WHAT HAS TIO BE DONE BUT WILL NOT DO IT WHAT HAS TO BE DONE,IS NOT ACCEPTABLE,TO ADANI AND MANY MORE WHAT HAS TO BE DONE IS " DISCLOSE FULL BENEFICIAL OWNERSHIP OF SHARES OF LISTED COMPANIES AND THEIR NON-INDIVIDUAL SHARE HOLDERS", REVISING DISCLOSURE REQUIREMENTS OF "EVENTS" FOR LISTED STOCKS , REDEFINING RELATED PARTIES IN LAW AND REVISING ACCOUNTING STANDARDS FOR THE INFRA SECTOR THIS SEBI CANNLOT DO THIS, AS THEY ARE CONTROLLED BY NETAS.AND ALL THIS LAUNDERING VIA OFFSHORE TRUSTS ,IS DONE BY NETAS,AND FRONT MEN,FOR NETAS ONLY THE SC CAN ISSUE A AMNDAMUS DIRECTION, TO BENCHMARK WITH SEC AND EU,AND THEN, PLACE THE INDIAN SOP AT PAR WITH THE SEC THAT WILL SAVE THE SMALL INVESTORS - BUT WILL SINK THE NSE, AND SAVE INDIA AND BANKS, IN THE LONG RUN,.SAMIR SARDANA WILL THE SC ISSUE THE DIRECTIONS ? THE ENTIRE INDIN STOCK MARKET IS A RIGGED CASINO
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