The Supreme Court has ordered SEBI to probe into the allegations levelled by short-seller Hindenburg Research against Adani Group. Supreme Court of India has ordered an investigation into the allegations released by American Hindenburg on Adani Group. Has Adani Group Violated Securities Act? or whether the related party has failed to disclose transaction information is sought to be resolved. Violation of minimum public shareholding norms has been ordered to be identified.
The Supreme Court has announced the formation of an expert committee under the chairmanship of retired Supreme Court judge Justice AM Sapre. The Supreme Court has appointed OP Bhatt, KV Kamath, JP Devdar, Nandan Nilekani and advocate Somasekhar Sundaresan as members of the expert committee. A committee appointed by the Supreme Court will look into the issues that led to the Adani-Hindenburg episode.
Supreme Court also noted SEBI’s stand which said it is already investigating into allegations in Hindenburg report in light of existing regulations.
Hindenburg accused the Adani Group of manipulating the accounts of the companies and artificially inflating the share prices. The market value of Adani group companies has lost more than half due to serious allegations. Appointing Supreme Court Committee is going to be the most important development in this regard.