SC forms committee headed by ex top court judge to probe Adani-Hindenburg row [Read Order]

NEW DELHI: The Supreme Court on Thursday formed a committee headed by the top court's retired judge Justice Abhay Manohar Sapre to probe into the Adani-Hindenburg row.

A bench of Chief Justice of India D Y Chandrachud and Justices P S Narasimha and J B Pardiwala ordered the committee to give its report within two months.

The committee will consist of O P Bhat, Justice (retired) J P Devadhar, K V Kamat, Nandan Nilekani, Somasekhar Sundaresan.

Industrialist and group head Gautam Adani hailed the decision.

In a tweet, he said, "The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail."

The court's order came on a batch of petitions filed by advocates Vishal Tiwari, M L Sharma, Congress leader Jaya Thakur, and one Anamika Jaiswal.

The committee has been asked to provide an overall assessment of the situation and the causal factors which led to the volatility in the security markets and huge loss to the investors' wealth.

The court also asked the committee to suggest measures to strengthen investors' awareness and 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 court also allowed the SEBI to continue with probe into the Adani group of companies following the report by US Short seller firm Hindenburg.

The stock market rout in shares of Adani group took place after Hindenburg Research published its report on January 25 accusing the Adani Group conglomerate of being involved in accounting fraud and "brazen stock manipulation". The Adani group had rubbished the allegations.
 

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