The Supreme Court Thursday, March 2, directed request controller SEBI to complete in 2 months its enquiry proceedings in the Hindenburg exploration report on the Adani Group of companies and submit the status report in a sealed envelope before the court within the quested time frame. It asked SEBI to probe whether the Adani Group of companies have violated Section 19 of SEBI rules and whether there was any manipulation of stock prices, as contended in the Hindenburg exploration report.
In the wake of the Adani-Hindenburg row, to review the nonsupervisory medium, the apex court bench comprising Chief Justice of India (CJI) DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala also constituted an expert commission conforming of OP Bhat, Justice Devdhar, KV Kamath and Nandan Nilekani. The commission will be headed by former Supreme Court judge Abhay Manohar Sapre. CJI DY said that SEBI shall advise the court of its progress and also inform the expert commission of the progress. He added that the constitution of the commission doesn’t hinder the independence of SEBI and its inquiry processes.
For those not familiar with the nuances of this, a bunch of desires related to the Adani Group and Hindenburg saga were filed in the Supreme Court. The main end behind this move was to ask for the setting up of an inquiry panel in order to review the nonsupervisory medium in favour of the Adani vs Hindenburg issue. The cutting of Hindenburg Research, profiting from fraud and stock manipulation by the Adani Group and its companies, left the empire in a tight spot. The group’s stocks also witnessed a massive selling spree and while it was formerly suffering on the Indian bourses, blows from the transnational front also struck in the form of Dow Jones Sustainability Index and so on.
The Adani Group equities have suffered on the stock exchanges following a slew of allegations from Hindenburg Research against the commercial mammoth, including illegal deals and share-price manipulation. The Adani Group has denied the allegations, claiming that it abides by all legal and translucency scores.
