Adani-Hindenburg row will be probed by the SC-monitored panel and SEBI to provide assistance
In a surprising turn of events, the Supreme Court has formed a committee to probe the Adani-Hidenburg row. While presiding over the judgment CJI DY Chandrachud observed that public money is at risk.
CJI said, “This court noted that there was a need for the committee for regulatory mechanisms to ensure the safety of investors. It seems that SEBI has ceased the investigation against Adani. SEBI shall also investigate whether there has been a violation of S 19 of SEBI rules and whether there was any manipulation of stock prices and expeditiously conclude the investigation in 2 months and file a status report.”
The court has formed a committee to order to protect Indian investors which will be led by the former SC judge Justice AM Sapre. The 5-member Committee consists of Mr OP Bhat, Justice JP Devdatt, Mr Nandan Nilakeni, Mr KV Kamath, and Mr Somasekharan Sundaresan as the members.
#Breaking_News: The #SupremeCourt has formed a committee to probe the Adani-Hidenburg row, #SEBI to provide assistance.#sebi_अडानी_को_गिरफ्तार_करो #AdaniGroup #AdaniEnterprise #AdaniBackOnTrack #AdaniScam #AdaniPower #Adani
Read more:- https://t.co/ehKHEqqMQv pic.twitter.com/va0DxyNVAx— One World News (@Oneworldnews_) March 2, 2023
The remit of the committee is to investigate Adani and to suggest measures to strengthen the statutory framework. SEBI Chairperson is requested to ensure all information is provided to the committee. The committee shall submit its report in a sealed cover before this court in 2 months.
The Adani group will now be under the scanner of the Supreme Court Committee and regulatory bodies. As Adani shares have started rising again, it would be interesting to see how the judgment will affect it.
Another Report on Adani
A new investigative report by The Reporters’ Collective, published by Al Jazeera, cites documents to reveal that the Modi government granted an extraordinary favour to ‘contentious’ business tycoon Gautam Adani to boost his coal business.
The report claimed that the Modi govt allowed Adani Enterprises Limited to mine from a block holding over 450 million tonnes of coal in one of India’s densest forest patches but disallowed other companies by changing the law.
Reacting on the Supreme Court’s order, Indian business tycoon Gautam Adani took to twitter and said, ‘Truth will prevail’.
The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.
— Gautam Adani (@gautam_adani) March 2, 2023
