Business
SEBI hid facts to shield Adani, petitioner claims in Supreme Court
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New Delhi The Securities and Exchange Board of India (Sebi) not only concealed several facts about previous investigations against the Adani Group but also tweaked the regulations to keep the group’s regulatory contraventions and price manipulations undetected, one of the petitioners demanding investigations into allegations of stock manipulation and accounting fraud against the Adani Group made by US short-seller Hindenburg Research, has claimed in the Supreme Court.
In an affidavit filed two days ago, Anamika Jaiswal alleged that the market regulator did not apprise the court of an investigation initiated by the directorate of revenue intelligence (DRI) against the Adani group of companies over alleged overvaluation of import of equipment and machinery by various entities of the Adani Group from a UAE-based subsidiary.
Also Read: Why is PM not ordering a probe into Adani row: Rahul Gandhi
In January 2014, DRI sent a letter to the then Sebi chairperson, UK Sinha, alerting him that there may be stock market manipulation by the Adani group of companies, said Jaiswal’s affidavit, adding this letter was also accompanied by a CD containing evidence of siphoning of ₹2,323 crore. According to the petitioner, Sinha chose to close the investigation instead of acting on DRI’s inputs. It pointed out that Sinha, who retired as Sebi chairperson in March 2017, is now a non-executive director of NDTV, which was acquired by the Adani Group in 2022.
Jaiswal further said that the Central Bureau of Investigation (CBI) also had to shut its probe in the matter after the Maharashtra government did not grant sanction for prosecution.
Also Read| ’22 out of 24 matters probed’: SEBI submits status report to SC in Adani case
“It is shocking that SEBI has not disclosed the receipt of the said letter (DRI letter) and evidence from the DRI till date before this Hon’ble Court,” stated the affidavit, citing Sebi’s previous statements to the court that it started investigation against the Adani group only in June-July 2020. The affidavit said that Sebi’s conduct amounts to perjury.
Referring to the latest status report submitted by Sebi in the court earlier this month, Jaiswal said that though the market regulator claimed that 22 out of 24 investigations arising out of the Hindenburg report were final in nature, outcomes of these investigations have been kept under wraps by Sebi.
The affidavit also alleged a conflict of interest in Sebi conducting investigation into the matter. It said that Cyril Shroff, managing partner, Cyril Amarchand Mangaldas law firm, has been a member of Sebi’s committee on corporate governance, which looks at offences like insider trading. “Cyril Shroff’s daughter is married to Karan Adani, son of Gautam Adani, showing clear conflict of interest,” claimed Jaiswal, stressing that 5 of the 24 Sebi investigation reports are on insider trading allegations against the Adani group.
HT reached out to Shroff and the law firm for a response to Jaiswal’s allegations, but the attempts remained unsuccessful.
To be sure, the committee on corporate governance was constituted by Sebi in 2017 and it has 23 other members, which include bankers, entrepreneurs, chartered accountants, business executives, senior bureaucrats and corporate lawyers.
Jaiswal’s affidavit also referred to certain new reports by international papers that reportedly incriminate the Adani Group for contravening an array of regulations. It further maintained that Sebi brought amendments into the regulations relating to foreign portfolio investors (FPIs) and listing obligations and disclosure requirement (LODR) were in 2014 and 2015 respectively only to benefit the Adani group.
The Supreme Court is expected to take up the matter on September 15.
Hindenburg’s report published in January claimed “brazen accounting fraud” and “stock manipulation” by the Gautam Adani-led group. Though the conglomerate rejected the report as “unresearched” and “maliciously mischievous”, it triggered a massive rout of Adani Group stocks, which lost over $140 billion in days and forced the cancellation of a ₹20,000 crore share sale in the group’s flagship.
Acting on a clutch of petitions demanding a probe into the matter, the Supreme Court on March 2 set up a six-member panel, led by retired Supreme Court judge AM Sapre, to look into regulatory failure by Sebi and alleged breach of laws by the Adani Group.
In its report submitted in May, the committee said the allegations of stock price manipulation or violation of MPS norms by Adani Group companies cannot be proved “at this stage”.
Long before designer heels became a fashion staple, high heels were a status symbol reserved for the elite. In the 17th century, King Louis XIV famously strutted through Versailles in red-bottomed shoes, signaling privilege and power. Today, a different kind of style royalty is making her mark with a signature heel preference—Bella Hadid.
Known for her trendsetting style, Hadid has been spotted repeatedly embracing a particular heel trend: sleek, pointed-toe stilettos. Whether she’s attending high-profile events or walking the streets of New York, her footwear choices consistently exude sophistication and edge. From patent leather pumps to sculptural heels with a modern twist, she proves that a classic silhouette can still feel fresh and contemporary.
With Y2K nostalgia in full swing, heels reminiscent of early-2000s fashion are making a major comeback. Strappy stilettos, kitten heels, and sculptural mules are dominating runways and street style alike. Bella Hadid, always ahead of the curve, has solidified her place as a style icon by embracing these trends with effortless confidence.
Whether she’s reviving vintage-inspired heels or stepping out in avant-garde designs, one thing is clear: Bella Hadid knows how to make a statement from head to toe.
If the fashion industry has shown us anything this season, it’s that working women are redefining corporate chic. Whether it’s Aritzia’s Work Wardrobe campaign featuring model Alex Consani or Stella McCartney’s Fall/Winter 2025 show injecting new life into office attire, one thing is clear: dressing like a boss is in.
Of course, no power look is complete without the perfect work bag. From structured totes to sleek crossbodies, a fashion-forward yet functional bag is a must-have for conquering the 9-to-5 in style. Whether you’re heading to the office, commuting, or working remotely from your favorite café, these 12 editor-approved work bags will have you looking polished and put together.
- Jacquemus Turismo Bowling Bag
The Jacquemus Turismo bag has been making waves among fashion influencers—and for good reason. Inspired by the classic bowling bag, this structured yet stylish piece is crafted from grained calfskin leather, making it both durable and chic.
Dimensions: Height: 6.3 inches; Width: 9.8 inches; Depth: 4.3 inches
Colors: Black, Green
Material: Grained Calfskin Leather
- Ferragamo Hug Bag
The Ferragamo Hug Bag is a favorite among minimalists. With its sleek curved silhouette and understated elegance, this bag transitions seamlessly from boardroom meetings to after-work drinks.
- Tory Burch Romy Tote
A classic tote with a modern twist, the Tory Burch Romy Tote is spacious, structured, and endlessly versatile. Designed for professionals on the go, it fits a laptop, planner, and daily essentials with ease.
- Prada Galleria Bag
If you’re looking to invest in timeless elegance, the Prada Galleria Bag is a luxury staple that never goes out of style. With its iconic silhouette, saffiano leather, and multiple compartments, it’s both practical and polished.
- Cuyana System Tote
For those who value functionality and sustainability, the Cuyana System Tote is a minimalist dream. Made from Italian leather and featuring modular compartments, this tote adapts to your workday needs.
- Saint Laurent Sac de Jour
The Saint Laurent Sac de Jour is structured, sophisticated, and effortlessly chic. It’s the ultimate power bag, perfect for making a statement at client meetings and business lunches.
- Mansur Gavriel Soft Lady Bag
For a softer take on office style, the Mansur Gavriel Soft Lady Bag offers a slouchy yet structured look. Made from buttery Italian leather, this bag pairs well with both tailored suits and relaxed separates.
- Bottega Veneta Arco Tote
The Bottega Veneta Arco Tote blends craftsmanship with contemporary design. Featuring the brand’s signature intrecciato weave, this bag is an artful yet practical choice for the modern professional.
- Telfar Large Shopping Bag
Dubbed the “Bushwick Birkin,” the Telfar Large Shopping Bag is a cult-favorite tote that’s both stylish and functional. With plenty of room for daily essentials, it’s a great pick for those who want a trendy yet practical work bag.
- Senreve Maestra Bag
The Senreve Maestra Bag is a convertible carryall that can be worn as a handbag, shoulder bag, crossbody, or backpack. Made from scratch-resistant Italian leather, it’s perfect for commuters and multitaskers.
- DeMellier Vancouver Bag
For those who appreciate understated luxury, the DeMellier Vancouver Bag offers a timeless silhouette with a modern touch. Handcrafted in sustainable leather, this bag is both eco-friendly and elegant.
- Strathberry Midi Tote
The Strathberry Midi Tote is a celebrity favorite, known for its structured design and signature bar closure. With its sleek aesthetic and ample storage space, it’s a stylish addition to any work wardrobe.
Sarah Burton has officially redefined Givenchy. In her Fall 2025 debut at Paris Fashion Week, the former Alexander McQueen creative director brought a feminine perspective to the legendary house, embracing strength, vulnerability, and emotional intelligence. This moment felt significant—not only because of Burton’s storied past but also because so few women currently helm major luxury brands.
A Tribute to Givenchy’s Heritage
Burton’s inspiration came from Hubert de Givenchy’s 1952 debut collection, known for its clean, graphic silhouettes. A recent discovery of the maison’s archival calico patterns further fueled her vision, leading to designs that balanced wearable ease with dramatic, couture-like elements.
The show opened with a black fishnet catsuit, a bold reset before transitioning into the essence of Burton’s Givenchy—a collection that honored the past while embracing modern femininity.
Key Looks & Defining Elements
Oversized Suits with Cinched Waists → A powerful balance of structure and fluidity.
Sleeveless Dresses with Ruffled Hemlines → Adding movement and drama to everyday elegance.
Cocoon-Like Coats & Jackets → Featuring rounded, puffed-up shoulders, nodding to Givenchy’s classic volume play.
Body-Diverse Runway Casting → One of the few Paris shows this season to feature a range of body types, reinforcing Burton’s commitment to dressing real women.
A New Vision for Modern Women
Burton’s Givenchy is about more than just clothes—it’s about how women want to feel: powerful, sexy, vulnerable, and strong, all at once. Her debut collection wasn’t just a runway success—it was a statement on the future of fashion, where femininity is both celebrated and redefined.
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