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