Hindenburg Row: SC Appoints Committee To Probe Allegations Against Adani Group

Amid the Hindenburg report allegations, the Supreme Court (SC) of India has appointed a committee to look into the fraud allegations against the Adani Group. 

As per the reports, there was a meeting with the SEBI officials in Mumbai which started on Thursday morning. 

Members of the SC-appointed expert panel headed by retired SC judge Justice AM Sapre and other members such as OP Bhatt, KV Kamath, Nandan Nilekani, JP Devadhar and Somasekhar Sundaresan were present in the meeting. 

The reports stated that Madhabi Puri Buch, Chairman, SEBI and the directors, including S Mohanty, Ashwani Bhatia, Anant Narayan and Ananta Barua briefed the expert panel on the progress of their investigation into the Adani Group’s affairs.

In March this year, the SC had directed SEBI to investigate whether Adani Group has violated the minimum shareholding norms, failed to disclose related party transactions and manipulation the share prices by the group companies.

Also, the regulatory body has to submit its report to the SC-appointed committee by 3 May. The SC is likely to hear the matter on 4 May.

According to sources, SEBI has proposed penal action against various Adani companies for violation of listing guidelines, inside trading etc.