Supreme Court sets up expert panel to probe Adani issue
Tags: committee National National News
The Supreme Court on March 2 constituted an expert panel to probe the regulatory failure on the Adani issue.
An overview of the news
The expert committee’s members are - former SBI chairman O P Bhatt, Justice J P Devadhar (retired), veteran banker K.V. Kamath, Infosys co-founder Nandan Nilekani and advocate Somasekhar Sundaresan.
The committee will be headed by former Supreme Court judge A M Sapre.
The Supreme Court has asked the committee to submit its report to the court in a sealed cover within two months.
Panel will investigate any regulatory failure in dealing with the alleged breaking of rules by the Adani Group of companies.
The mandate of the committee will be to suggest measures to strengthen the framework, investigate the Adani dispute and suggest measures to strengthen the legal framework.
The Supreme Court also directed SEBI to ensure that all information is made available to the committee.
In late January, Hindenburg published a report critical of the finances of the Adani group.
It said the major listed companies of the group had "substantial debt" which has put the entire group in a "precarious financial position".
Hindenburg accused the Adani-led group of "stock manipulation and accounting fraud over the course of decades".
Seven listed firms of the Adani group lost nearly half their market value (over USD 100 billion) following the report.
The combined market value of the listed Adani firms is now at US$108 billion, up from US$218 billion before the Hindenburg report.
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