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

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Sapre Committee

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

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