The six-member expert committee set up by the Supreme Court of India to investigate the Adani-Hindenburg row submitted its report in a sealed cover to the court on May 8. The expert committee is chaired by former Supreme Court judge A M Sapre, with former bankers K V Kamath and O P Bhatt, Infosys co-founder Nandan Nilekani, securities lawyer Somasekhar Sundaresan, and retired high court judge J P Devdhar as other members.
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The Supreme Court issued an order on March 2, directing the expert panel and the Securities and Exchange Board of India (SEBI) to investigate a set of issues related to allegations of financial fraud and stock manipulation leveled against the Adani Group by US-based Hindenburg Research. The SC had asked both the committee and SEBI to submit their findings within two months.
It is unclear if the expert panel has completed its investigation. There is a possibility that the committee may ask for more time to delve deeper into the matter. The case is scheduled for a hearing on May 12 before Chief Justice of India DY Chandrachud.
On April 29, SEBI requested six months to conduct a thorough investigation into the allegations against the Adani Group. The expert panel and SEBI are expected to submit their findings to the Supreme Court in a sealed cover.
The allegations by Hindenburg Research led to a significant drop in the Adani Group’s stock prices. The claims included stock price manipulation and fraudulent activities. The Gautam Adani-led organization denied the accusations and claimed that it complies with all legal and disclosure standards.
The outcome of the investigation by the expert panel and SEBI will be closely watched by investors and stakeholders. The Adani Group is one of India’s largest conglomerates, with interests in ports, logistics, power, and other sectors. The outcome of the investigation will have significant implications for the group’s reputation and future growth prospects.
