The Supreme Court has set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies.
The committee will consist of six-member, headed by former apex court judge Justice AM Sapre. Nandan Nilekani, KV Kamath, Somasekharan Sundaresan are other members of the probe committee
SC has directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules, whether there was any manipulation of stock prices.
The apex court was hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect the investors’ interest.
On February 17, while reserving its order, the top court refused to accept the sealed cover suggestion by the Centre on the appointment of the committee related to regulatory mechanisms to protect the investors in the backdrop of the Adani-Hindenburg case and said that it wants to maintain full transparency.
During the hearing, CJI DY Chandrachud had indicated by saying that they will not accept the sealed cover suggestion by the Centre because they want to maintain full transparency.
Solicitor General Tushar Mehta, appearing for Centre, had submitted a sealed cover note and said, “Two intentions should be kept in mind, one is that truth comes out and a holistic view is presented and other one is there is an unintended impact on the markets.”
