Supreme Court appointed Sapre Committee submits report on Adani-Hindenburg issue

Tags: committee National News

The Supreme Court on May 19 made public the report of the court-appointed expert panel in the Hindenburg-Adani row case.

An overview of the news

• American short-selling firm Hindenburg issued a report on January 24, 2023, calling Adani Group companies overvalued and alleging manipulation of accounts.

• However, Hindenburg's allegations were rejected by the Adani Group.

• But the opposition created a ruckus about this issue and when the matter reached the Supreme Court, the Supreme Court had constituted a special committee to investigate.

Highlights of the report

• The report states that the Adani group has disclosed all beneficial owners.

• There is no allegation that SEBI is rejecting the declaration of beneficial owners of Adani.

• Adani's retail stake has increased after the Hindenburg report.

• The report clearly states that prima facie no violation of existing rules or laws has been found.

About Sapre Committee

• Constituted - By Supreme court on 2nd March 2023

• Chairman - Former Supreme Court judge Justice Abhay Manohar Sapre (Retd).

• Members of the Committee - O P Bhatt, Justice J P Devadhar (Retd), Nandan Nilekani, K V Kamath and Somasekhar Sundaresan

• Purpose of the Committee -  To investigate any violations of securties law by the Adani Group in the wake of the Hindenburg report.

• Supreme Court made public the report - On 19 May