INSUBCONTINENT EXCLUSIVE:
a meltdown of shares of Adani group companies, found himself in a tight spot on Friday as the Supreme Court caught him citing old reports of
inquiries initiated by the Directorate of Revenue Intelligence (DRI) against the conglomerate while suppressing the outcome.Bhushancited a
letter from the DRI to Sebi in January 2014 informing the market regulator about Adani group allegedly siphoning off money by over-invoicing
equipment imports by Adani Power, routing them from Mauritius to Dubai and then re-routing the funds to India through the stock market
He claimed that Sebi took no action on the DRI alert.Solicitor general Tushar Mehta confronted Bhushan and said he had been economical with
He said while DRI had indeed initiated a few investigations against the Adani group in 2013 and had alerted Sebi about it, it was wrong to
say that the regulator just sat tight over it
Mehta pointed out that Sebi followed it up with DRI which in 2017 closed the probe after finding no substance in the allegation
Its decision was challenged in the appellate tribunal, Customs Excise - Service Tax Appellate Tribunal
Sundaresan, who was recently appointed a judge of Bombay HC, was accused of appearing for an Adani group company in 2006
by the Organised Crime and Corruption Reporting Project, which was in controversy for its links with India-baiter George Soros, to
substantiate his Hindenburg report-based accusations
Mehta cornered him by saying that OCCRP was linked to Bhushan and its report was based on the information Bhushan had given.The SG said when
Sebi asked OCCRP to provide documents to substantiate the charges against the Adani group, the journalist body wrote back saying the
petitioner before SC, is a law student
The SG said it was not alright
