Adani-Hindenburg row: SC sets up six-member expert committee headed by former justice AM Sapre

The Supreme Court (SC) on Thursday ordered the constitution of a six-member expert committee to look into the Adani Group stock crash and fraud allegations following the explosive report from the US-based short seller Hindenburg Research. 

Former Supreme Court judge Justice AM Sapre will head the committee. The other members include OP Bhat (former chairman of SBI), Justice JP Devadhar, KV Kamath, Nandan Nilekani, Somasekharan Sundaresan.

On Thursday, SC was hearing petitions pertaining to the Hindenburg report. These included the constitution of committee relating to regulatory mechanisms to protect the investors. 

Meanwhile, the Supreme Court also told the Securities and Exchange Board of India (Sebi) to finish the probe into the Adani Group-Hindenburg saga within a period of two months.

Constitution of expert committee doesn’t divest Sebi from its duty of investigating volatility in the market, the apex court stated. 

Adani stocks took a major hit after Hindenburg Research alleged that the Gautam Adani-led Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. However, the Adani Group denied the allegation. 

Shares of Adani Enterprises fell 10 per cent on Thursday after the group denied reports that suggested it was securing a fresh $3 billion loan from an unnamed sovereign fund. A few other Adani group stocks jumped up to 5 per cent after a slew of block deals took place on the counters. Adani Green Energy rose another 5 per cent to Rs 535.25, Adani Transmission gained 5 per cent to Rs 708.35, and Adani Ports was down 0.7 per cent at Rs 598.

Also Read: Adani-Hindenburg case LIVE updates: Supreme Court asks SEBI to probe if there were violations, submit report within 2 months

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