Adani - Hindenburg Row: SC Sets Up Panel For Investor Protection, Asks SEBI To Probe Manipulations Of Stock Prices

NEW DELHI: The Supreme Court set up an expert committee today to look into the issue arising from the Hindenburg Research report on Adani Group companies. The panel will look into the protection of Indian investors after the Hindenburg report by a US short seller wiped out more than USD 140 billion of Adani's market value.The committee will consist of six members, headed by former apex court judge Justice AM Sapre which shall submit its report in a sealed cover before the court in two months.

Besides the former apex court judge, the other members of the panel are O P Bhat, retired Bombay High Court judge J P Devadhar, K V Kamath, Nandan Nilekani, and Somasekharan Sundaresan.

The Apex Court also directed the Market regulator SEBI to ensure that all information is provided to the committee, and investigate whether there has been a violation of Section 19 of SEBI rules and whether there was any manipulation of stock prices.

The court-appointed Justice Sapre panel, which will be provided assistance by the Centre and other statutory agencies including the SEBI chairperson, will have to submit its report in a sealed cover within two months, said the bench which comprised Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala. (Inputs from AIR News )

Also Read: Hindenburg Cascading Effect: Adani’s Fortunes Drops Below $50 Billion