Harish Salve, according to Probe Hindenburg, earned money from the middle class

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The Adani Group termed the Hindenburg Report an “Attack on India”.

New Delhi:

Senior adviser Harish Salve has called for a closer look into a report by US short seller Hindenburg Research that led to market volatility last month led by the short-seller-focused Adani Group of Companies.

The politics of the whole episode aside, Mr Salve said Hindenburg was “not a good Samaritan” and that there was a “totally different dimension” to the case, which was to cash in on the misfortune of a middle-class investor.

“It has a whole different dimension. Hindenburg is not a Good Samaritan who exposes wrongdoing. They timed the report, they dropped it. They do it to short-circuit,” Ms. Salute told NDTV on Friday.

“It’s my suggestion — I’ve said it publicly and I’ll say it again — that the committee should expose everyone who made tons of money at the expense of the middle-class investor by short selling stocks,” he said. A six-member commission set up by the Supreme Court to review the boundary between Adani Group and Hindenburg.

“Take this as market manipulation and crack them down and ban them from trading. We have to set an example in our market – if there is a report, it should first go to SEBI, it should go to the Serious Fraud Office, it should go to the Department of Corporate Affairs – they will investigate. and deal with these issues,” Mr. Salve said.

“But if you use such reports to attack companies, SEBI will not remain silent. “They’re going after people who are taking advantage of market volatility, who have money, who are exploiting volatility, who are hitting the middle class investor,” he said. .

“India is new to this game. We are developing capital markets. Every time a middle-class investor signs up for a business, the fear is that if there’s another Hindenburg report tomorrow – and it turns out to be wrong, your stock is going down anyway. Say the people who are making money off of this middle-class shareholder misery are going to be held accountable,” Salve said.

While Salve welcomed the formation of the committee, the Adani-Hindenburg dispute involved complex financial issues that could only be resolved by subject matter experts.

“The JPC (Joint Parliamentary Commission) consists of very wise people. What happened here is in one area – a very specialized area. There are allegations about the corporate structure, how the shares were issued, how the shares were overvalued, how the market played,” Salve said.

Six members of the committee are former Supreme Court judge, judge A.M. Sapre, former SBI chairman, OP Bhat, retired Bombay High Court judge, Justice JP Devadhar, former Infosys chairman KV Kamath, Infosys founder Nandan Nilekani and advocate Somasekharanres. , who is also a securities and regulatory expert.

Mr Salve said it was “crucial” that the investigation was completed in a timely manner because investor confidence was fragile.

(Disclaimer: New Delhi Television is AMG Media Networks Limited, a subsidiary of Adani Group.)

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