BREAKING: In Adani-Hindenburg issue, Supreme Court has ordered for the setting up of probe panel headed by its retired judge Justice AM Sapre. It also asked SEBI to submit its investigation report in 2 months
The Supreme Court hearing related to the Adani Group’s tussle with Hindenburg Research report has concluded and a bench headed by the Chief Justice of India (CJI) DY Chandrachud has pronounced orders. As per updates, the apex court has ordered the setting up of an expert committee and also directed SEBI to submit its investigation report in 2 months.
Apart from CJI DY Chandrachud, the bench that heard the Adani vs Hindenburg petitions comprised of Justice PS Narasimha and Justice JB Pardiwala. The order stated that an expert committee will be set up and it will be headed by former SC judge Justice Abhay Manohar Sapre. It will also comprise of OP Bhat (Indian banker and former chairman of SBI), Justice Devdhar, KV Kamath (former chief of the New Development Bank of BRICS countries and former chairman of Infosys Limited), and Nandan Nilekani (co-founder, Infosys).
The final order by Supreme Court in Adani-Hindenburg case also noted the specialised role of the Securities and Exchange Board of India (SEBI). It said, "SEBI shall also investigate whether there has been a violation of S 19 of SEBI rules, whether there was any manipulation of stock prices." Further, it ordered SEBI to conclude the investigation in 2 months and then file a status report
For those not familiar with the nuances of this, a bunch of petitions related to the Adani Group and Hindenburg saga were filed in the Supreme Court. The main aim behind this move was to ask for the setting up of a probe panel in order to review the regulatory mechanism in favour of Adani vs Hindenburg issue.
As soon as the hearing started, CJI DY Chandrachud also briefed everyone with the nuances of the petitions. He said, "A brief overview of petitions shows that public money is at risk. It seeks directions to establish a committee. Second petition asks for FIR against Hindenburg for short selling. Third petition seeks court monitored enquiry."
The Supreme Court order on Adani vs Hindenburg case, pronounced today, was even more important as the bench had previously rejected the government’s ‘sealed’ covered nominees for the probe panel. Refuting those names, the SC bench clarified that it would select the panel members on its own in order to ensure full transparency.
The scathing Hindenburg Research alleging fraud and stock manipulation by the Adani Group and its companies left the conglomerate in a tight spot. The group’s stocks also witnessed a massive selling spree and while it was already suffering on the Indian bourses, blow from international front also struck in the form of Dow Jones Sustainability Index and so on.