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Gautam Adani: In order to investigate the steep fall in Adani Group Stocks after the Hindenburg Research Report came out and to protect the interest of small investors, the Supreme Court has asked SEBI’s existing regulations. An expert committee has been constituted under the leadership of a retired judge of the Supreme Court to review the regulatory mechanism. Adani Group Chairman Gautam Adani has reacted to this order of the Supreme Court. Welcoming the order of the Supreme Court, Gautam Adani said that truth will prevail.
The Supreme Court has constituted a committee under the leadership of former Supreme Court judge AM Sapre. KV Kamath, CEO of ICICI Bank, and Nandan Nilekani, co-founder of Infosys, will be members of the committee. Apart from these, former SBI chairman OP Bhatt, Justice JP Deodhar and Somashekhar Sandarshan are other members of the committee. This committee has been asked to submit its report in a sealed cover within two months. Gautam Adani tweeted shortly after the Supreme Court’s order to form the committee came. He tweeted that the Adani group welcomes the order of the Supreme Court. It will take the matter to the extreme in a time-bound manner. Truth will win.
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
Along with the formation of the committee, the Supreme Court has asked SEBI to complete its investigation within two months. The court asked SEBI to investigate whether there has been any violation of SEBI’s Rule Section 19 and whether there has been any tampering in the stock prices of Adani Group. The court asked SEBI to provide all kinds of information to the committee formed by the court. And submit the investigation report to the court in a sealed envelope within two months.
The Supreme Court has asked the committee to give its suggestions for strengthening the regulatory framework. Along with this, investigate the Adani case and tell how the rules can be made more strict. On February 17, the Supreme Court refused to accept the names of the panel members suggested by the government in a sealed cover. The court said that it wants complete transparency in this matter.
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