Adani Group Allegations Investigated; Expert Committee Finds No SEBI Breach
Last Updated on January 3, 2024 by News Desk
The Supreme Court is set to deliver its verdict on allegations of fraud against the Adani Group of companies stemming from a Hindenburg Research report. The case involves allegations that Adani inflated its share prices, leading to a $100 billion drop in the share value of various Adani companies.
This led to a series of petitions, including one alleging that changes to the Securities and Exchange Board of India Act (SEBI Act) provided a “shield and an excuse” for Adani Group’s regulatory contraventions and market manipulations.
The matter has been brought under the scrutiny of an expert committee headed by retired Justice AM Sapre, in response to the Supreme Court’s request that SEBI conduct an independent investigation. The expert committee found no prima facie evidence of a SEBI breach in this regard.
Solicitor General Tushar Mehta alleged that media reports were being “planted” to influence India’s actions, and the Court has emphasized that SEBI cannot be expected to follow media outlets’ reports.
