SEBI investigates every violation before and after the Hindenburg report on the Adani Group.
New Delhi:
The Supreme Court today rejected claims from a petitioner in the Hindenburg row that agencies are not cooperating with the committee of experts investigating the case.
The petitioner’s lawyer Varun Thakur told Chief Justice of India DY Chandrachud that agencies are not cooperating with the Supreme Court-appointed committee of experts examining India’s regulatory mechanism in an investigation linked to the allegations of US short-seller Hindenburg Research against the Adani Group.
“The report doesn’t say it. It’s your imagination,” Chief Justice Chandrachud said, referring to the report filed by the expert panel in May, which clearly concluded that there was no regulatory deficiency on the part of the capital markets regulator, Securities and Exchange Board. of India (SEBI).
The Chief Justice then asked about the status of SEBI’s own investigation.
Appearing before SEBI, the government’s top lawyer Tushar Mehta said the regulator has until August 14 to issue its report. SEBI investigates every violation before and after the Hindenburg report on the Adani Group.
Mr Mehta said the SEBI investigation is progressing at a reasonable pace.
In its report delivered to the Supreme Court in May, the committee of domain experts had said that there was no evidence of price manipulation by the Adani Group and that the conglomerate had taken necessary steps to reassure private investors. The mitigating measures taken by the group helped build confidence in the stock and the stocks are now stable, the panel said.
Foreign portfolio investors (FPIs) in Adani Group stocks comply with SEBI regulations, the committee said.
The members of the group appointed by the Supreme Court are Retired Supreme Court Judge AM Sapre, Retired Bombay High Court Judge, Judge JP Devadhar, Former Chairman of State Bank of India OP Bhatt, Former ICICI Bank Chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan.
The Adani Group has denied all of Hindenburg’s allegations, calling them a “calculated attack” on India, its institutions and growth narrative.
“This is not just an unfounded attack on a specific company, but a calculated attack on India, the independence, integrity and quality of Indian institutions, and India’s growth story and ambition,” the Adani Group said in January.
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