Hindenburg case that rocked Adani Group in Supreme Court, what is sought in PIL

A demand has been made to register a case against the short seller Anderson under sections 420 and 120 of the IPC. Anderson has also alleged conspiracy against Indian institutions in the petition.

Hindenburg case that shook Adani Group in Supreme Court, what was demanded in PIL

Supreme Court

Image credit source: supreme_court

Mumbai : A storm named Hindenburg comes from America and the entire empire of Gautam Adani in India gets shaken. From the Parliament to the stock market, only Adani is being discussed. 10 days ago Gautam Adani was the fourth richest person in the world. Now it has come at number 21. In the background of all these developments, this matter has reached the Supreme Court. A public interest litigation has been filed in the Supreme Court. In this petition, the investors have been demanded to pay the damages.

The issue of the Hindenburg Report has gone to the Supreme Court. The petition calls for action against Nathan Anderson, the owner and founder of the Hindenburg Company. Advocate Manoharlal Sharma has filed this PIL. Short seller Anderson and his associates defrauded millions of investors. Due to this, investors have suffered huge losses. Compensation has been sought for this loss.

According to the petition, a case has been sought to be registered against short seller Anderson under sections 420 and 120 of the IPC. Anderson has also alleged conspiracy against Indian institutions in the petition.

What is Hindenburg?

Hindenburg Research has disrupted many companies around the world. This research institute was founded by Nathan Anderson in 2017. It is a financial research firm. The institute analyzes, researches and prepares reports on equity, credit and derivatives. There is also an interesting history behind the naming of this institution. A plane crash happened near Manchester Township in New Jersey, USA. In 1937, the Hindenburg airship crashed. The firm is named after him.

Nathan Anderson worked as an ambulance driver in Israel. He has a degree in International Business. He started his career with the data company FactSet Research Systems Inc. Harry Markopolos is his idol. Markopolos is also an analyst. He busted a scheme of Bernie Madoff.

good news for adani group

read this also

Shares of Adani Enterprises fell 35 per cent on Friday. Shares of Adani Enterprises, which were at Rs 3,442 on January 24, fell to Rs 1,017 on Friday, February 3. But after a good news, the stock again climbed 50 percent to close at 1586. Good news has come for Adani Group from Fitch Ratings. Fitch rating agency says that there is currently no impact on the rating of companies or securities of Adani Group. Fitch Ratings clarified that there will be no major change in cash flow forecast of Adani Group. After that the trend of shares of Adani Group changed.

For more Business updates, Click here.

Leave a Comment