Adani-Hindenburg Row. Expert Panel Submits Report To Supreme Court: Report

On March 2, the SC constituted a committee headed by retired apex court judge Justice AM Sapre to suggest measures to strengthen regulatory frameworks

Recently, the SEBI sought an extension from the SC for another six months for completing its probe.

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The six-member expert panel set up by the Supreme Court in the Adani-Hindenburg case has submitted its report in a sealed cover, reported The Economic Times. The report cited people familiar with the matter saying the apex court is expected to hear the matter on May 12. 

The report also noted that it is not clear whether the panel has reviewed all the concerns outlined by the top court in March.

On March 2, SC constituted a committee headed by retired supreme court judge Justice AM Sapre to suggest measures to strengthen regulatory frameworks, investigate the Adani row, and suggest measures to strengthen the statutory framework. The court had directed SEBI to ensure that all information is provided to the committee. The panel was mandated to make recommendations to strengthen regulations and to protect investors against the volatility of the kind that followed after the Hindenburg report was published. 

The court had also asked the market regulator SEBI to complete its probe in the matter and submit a status report in two months. The top court had directed the SEBI to investigate any violations of securties law by the Adani Group in the wake of the Hindenburg Research report.

The committee conducting the investigation included former judges OP Bhat and JP Devdatt. The court also appointed Somasekharan Sundaresan, veteran banker KV Kamath, and co-founder of Infosys Nandan Nilekani to the committee.

The ET report said noted that it is not yet clear whether the expert panel has sought any extension or submitted the final report.

Recently, the SEBI sought an extension from the SC for another six months for completing its probe. 

Adani Group stocks have taken a beating on the bourses after the US-based short seller group Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.