Delhi/Hyderabad, Mar 2 (Maxim News): Gautam Adani tweeted welcoming the Supreme Court order to set up a six-member probe panel to investigate regulatory aspects behind the rout in Adani Group companies shares. “The Adani Group welcomes the order of the Supreme court, it will bring finality in a time-bound manner, The truth will prevail,” said the Chairman of the Adani group.
The Supreme Court, today, ordered the setting up of a six-member committee headed by former apex court judge Justice AM Sapre to investigate the recent Adani Group shares crash triggered by Hindenburg Research’s fraud allegations and other regulatory aspects related to stock markets.
The Supreme court asked the panel to submit its report in a sealed cover within two months. The top court observed that the PILs pertained to “the loss of investors” wealth over the past few weeks due to the steep decline of share prices of Adani Group Companies, precipitated by the Hindenburg Research report which alleged manipulations and malpractices by the Adani Group Companies and also directed market regulator SEBI (Securities and Exchange Board of India) to complete its ongoing probe into the issue in two months and file a status report.
Besides former apex court judge Justice Sapre, the other members of the court-appointed panel will be “O P Bhat (former Chairman of SBI), Justice J P Devadhar (retired Judge of the Bombay High Court, K V Kamath, Nandan Nilekani, Somasekharan Sundaresan”.
A bench headed by Chief Justice D Y Chandrachud directed the Centre, financial statutory bodies, and the SEBI chairperson to render all cooperation to the Justice Sapre Panel which will have to submit its report in a sealed cover within two months in the court. (Maxim News)
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