Supreme Court sets 6-member committee to look into Adani Group issues raised in Hindenburg report

2 Mar 2023 , 12:38 PM

Supreme Court in an order has directed Securities Exchange Board of India (Sebi) to investigate in the Adani group matter. The court has ordered setting up of a six- member committee headed by former apex court judge A M Sapre to look into various regulatory aspects for stock markets, including the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegation.

The committee besides Justice Sapre will also comprise OP Bhat, Justice JP Devdhar, KV Kamath, Nandan Nilekani and Somasekhar Sundaresan.

Former judges OP Bhat and JP Devdatt are also part of the probe committee. The court also named Nandan Nilekani, KV Kamath and Somasekharan Sundaresan as three other members of the committee.

In response, Gautam Adani tweeted ‘The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.’

The committee shall submit its report in a sealed cover before the Supreme Court within 2 months, the Court directed.

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.