TNI Bureau: The Supreme Court today formed a six-member expert committee to probe into the Adani-Hindenburg controversy and asked the SEBI to report on this issue within two months.
While delivering the order on a batch of petitions filed by advocates Vishal Tiwari, M.L. Sharma, Congress leader Jaya Thakur, and one Anamika Jaiswal, a bench headed by Chief Justice of India D.Y. Chandrachud and comprising Justices P.S. Narasimha and J.B. Pardiwala said that a committee consist of O.P. Bhat, Justice J.P. Devadhar (retired), K.V. Kamat, Nandan Nilekani and Somasekhar Sundaresan will probe into the Adani-Hindenburg controversy.
The top court said the committee will be headed by retired justice Abhay Manohar Sapre, former judge of the Supreme Court, and will provide an overall assessment of the situation and the causal factors led to the volatility in the security markets.
Apart from suggesting measures to strengthen investors’ awareness, the committee will also investigate whether there has been regulatory failure in the alleged contravention of laws pertaining to the securities markets in connection with Adani group or other companies.
“The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail,” tweets Gautam Adani.
It is to be noted here that a Hindenburg report resulted in crashing of Adani group company share prices and caused massive loss to investors.
The oppositions had corner the BJP government at the centre and demanded a probe.
Later, the centre had said that it would suggest the names of the experts in a sealed cover for inclusion in the committee to be set up to examine the matter.
However, the top court rejected it on February 17 saying that it will select the experts and maintain full transparency, and if the court were to take names suggested by the central government, then it would amount to a government constituted committee.