By India Blooms News Service Mar 02, 2023
Mumbai/IBNS: Business tycoon Gautam Adani has welcomed the Supreme Courts order to form a panel to probe the accusations of business malpractices by US short-seller Hindenburg Research on Adani Group companies.
The leading man of the beleaguered Adani Group said the investigation will bring finality in a time-bound manner and ultimately truth will prevail.
The Adani Group welcomes the order of the Honble Supreme Court. It will bring finality in a time-bound manner. Truth will prevail, Gautam Adani tweeted soon after the Supreme Courts latest hearing in the case.
The Adani Group welcomes the order of the Honble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.
Gautam Adani (@gautam_adani) March 2, 2023
The Supreme Court, led by Chief Justice of India DY Chandrachud, has instructed the market regulator Securities and Exchange Board of India (SEBI) to conclude its investigation into the Adani-Hindenburg case and present its findings within two months.
The top court noted that various other aspects of the case need to be examined apart from what the regulator is investigating in the matter.
Sebi must investigate if there has been violation and manipulation of stock pricing, the Supreme Court bench underscored.
Additionally, the court has constituted a panel of six experts to evaluate the current regulatory mechanism of the stock market.
The committee will be led by former Supreme Court judge, Justice AM Sapre, and includes members such as OP Bhatt, Justice JP Devadhar, KV Kamath, Nandan Nilekani, and Somasekhar Sundaresan.
This case is related to a string of petitions filed in the top court following a significant decline in the market value of ten listed companies within the Adani Group, which followed the release of an explosive January 24 report by the US-based short seller, Hindenburg Research.
The Supreme Court has received at least four petitions in relation to the Adani-Hindenburg case. Some of these petitions have raised doubts about the authenticity of the Hindenburg report, while others have urged an inquiry into the reports conclusions and the creation of an independent committee of experts to investigate the matter.
Although the Adani Groups listed companies have regained some market value over the past few trading sessions, their worth is still considerably lower than the Rs 19.2 lakh crore valuation recorded on January 24. Following the Supreme Courts latest order, the shares of Adani Group firms have increased.