The Supreme Court on Thursday set up a committee to look into the disputes following an incriminating report by US short seller Hindenburg Research against the Adani Group. The committee headed by former high court judge A.M. Sapre, should submit his report in a sealed envelope within two months, a bench of Chief Justice D.Y. Chandrachud, P.S. Directed by Narasimha and J.B. Pardiwala.
Other members of the committee are retired judge J.P. Devdatt, O.P. Bhatt, Nandan Nilekani, K.V. Kamath and Somasekharan Sundaresan. The Supreme Court said the task of the committee will be to suggest measures to strengthen the legal framework and investigate the Adani dispute. It also directed the Securities and Exchange Board of India (SEBI) to ensure that all information is provided to the committee.
Noting that SEBI was already probing the allegations against the conglomerate in the January 24 Hindenburg report, the judges also asked the regulator to investigate possible violations and whether share prices were manipulated.
The bench clarified that the constitution of the committee will not hamper SEBI’s independence and its own investigation.On February 17, the apex court refused to accept the ‘sealed cover’ plea from the Center regarding the appointment of this committee, saying it wanted full transparency.
The Adani group, meanwhile, praised the Supreme Court’s order, saying “truth will prevail”.
Gautam Adani tweeted
Group Chairman Gautam Adani tweeted, “The Adani Group welcomes the order of the Hon’be Supreme Court. It will bring finality in a limited time fashion. Truth Wins.” Adani Group welcomes Supreme Court order. It will bring finality in a limited time fashion. Truth Wins — Gautam Adani (@gautam_adani) March 2, 2023
Over the past month, the Adani Group’s market value has fallen significantly following allegations of financial fraud.
Read Now :<strong>Yami Gautam talks about his relationship with Kangana Ranaut</strong>
