Supreme Court constitutes committee in Adani Hindenburg Case, asks SEBI to submit report in 2 months

Supreme Court

New Delhi: The Supreme Court on Thursday ordered the formation of a committee headed by former apex court judge AM Sapre to probe the fall in shares of Adani group companies along with various regulatory aspects of stock markets. The committee will have to submit its report within two months. The Supreme Court has taken this major step in the matter of the recent steep fall in the shares of Adani group companies following the report of American short-seller Hindenburg Research.

A bench of Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala said that the committee will assess the entire situation in the matter and take measures to make investors aware of everything and strengthen the existing regulatory regime of stock exchanges. Will suggest solutions. The bench has directed the central government as well as the chairperson of financial statutory bodies, the Securities and Exchange Board of India (SEBI) to extend full cooperation to the committee in the investigation.

Former Supreme Court Justice OP Bhat and Justice JP Devdutt will also be members of the six committees. Other members of the committee include Nandan Nilekani, KV Kamath, Somasekaran Sundaresan. Earlier, the top court, while reserving its order on February 17, refused to take the Centre’s suggestions in a sealed cover on the proposed committee of experts.

‘Congress alone cannot compete with Modi government in 2024’, KC Venugopal also realized, stressed on this

supreme court

So far four public interest litigations have been filed in the Supreme Court in this matter. These petitions have been filed by advocates ML Sharma, Vishal Tiwari, and Congress leaders Jaya Thakur and Mukesh Kumar.

It is worth mentioning that after the report of Hindenburg Research, the shares of Adani group companies have come down drastically. In the report, the Adani group has been accused of rigging the shares. However, the group has completely denied these allegations.