Adani-Hindenburg row: SC orders inquiry, setups experts committee

Adani-Hindenburg row: SC orders inquiry, setups experts committee

Adani-Hindenburg row: SC orders inquiry, setups experts committee

The Supreme Court (SC) on Thursday ordered a six-member expert committee to look into the Adani Group stock crash and fraud allegations following the explosive report from the US-based research agency Hindenburg Research.
Former Supreme Court judge Justice AM Sapre will head the committee. The other members include OP Bhat (former chairman of SBI), Justice JP Devadhar, KV Kamath, Nandan Nilekani, and Somasekharan Sundaresan. The Supreme Court panel will examine causal factors leading to the row. It will also suggest measures to strengthen investors’ awareness and investigate whether there was a regulatory failure. The panel will also suggest measures to strengthen the statutory and regulatory framework and secure compliance within the existing framework for the protection of investors.
‘The probe, the note added, should also focus on Hindenburg’s admitted position of acquiring a “short position” in the Adani group, and gather details of all its transactions undertaken by it and its linked companies, besides exploring ways to strengthen the statutory and regulatory framework in India. The note also submitted a few names for the proposed panel in a sealed cover envelope.’

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