The Supreme Court on Thursday ordered a probe into the Adani-Hindenburg episode and set up an experts committee to be headed by its retired judge AM Sapre. It also sought a status report from SEBI on its ongoing investigation into the matter within two months.
A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said the panel will make an overall assessment of situation, suggest measures to make investors aware and strengthening of existing regulatory measures for stock markets.
The bench also directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the panel which will have to submit its report within two months.
While reserving its order, the top court on February 17 had refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts.
Till now four PILs have been filed in the top court on the issue by lawyers M L Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist.
The Supreme Court of India on Thursday asked SEBI to investigate “whether there has been a failure to disclose transactions with related parties” and “whether there was any manipulation of stock prices in contravention of law” as part of its investigation.
Seven listed companies of Adani group have lost about $135 billion in value after the Hindenburg report was published.
