Gautam Adani Welcomes Supreme Court Order.
It has been suggested by the Chief Justice of India, DY Chandrachud, that the Securities and Exchange Board of India (SEBI) should conclude its ongoing inquiry into the Adani stock crash within a period of two months and present a status report.
Gautam Adani, the billionaire industrialist, expressed his appreciation on Thursday for the Supreme Court’s decision to establish a panel of experts to investigate concerns raised in the Hindenburg report by US short-seller about the Adani Group.
Retired Justice Abhay Manohar Sapre will lead the committee, which will also include well-known bankers KV Kamath and OP Bhat, Infosys co-founder Nandan Nilekani, and retired Justice JP Devdhar, to investigate the concerns raised in the Hindenburg report regarding the Adani Group.
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The ongoing investigation by the Securities and Exchange Board of India (SEBI) into the Adani stock crash should be concluded within a timeframe of two months, as suggested by Chief Justice of India DY Chandrachud, and a status report should be submitted thereafter.
The panel of experts will scrutinize the Adani controversy and recommend steps to enhance the regulatory framework.
Petitions requesting the implementation of regulatory measures to safeguard investors were being heard by the Supreme Court.
In addition, the Supreme Court instructed SEBI to examine potential breaches of regulations and determine whether there was any manipulation of stock prices.
On Thursday, Gautam Adani, a prominent business magnate, expressed his appreciation for the Supreme Court’s decision regarding the Hindenburg Research report controversy that has caused significant drops in the stock prices of companies within the Adani Group.
The Supreme Court, led by Chief Justice of India D Y Chandrachud and including Justices P S Narasimha and J B Pardiwala, has formed an expert committee to investigate the regulatory procedures in light of the Hindenburg Research report issue. The committee, chaired by former Justice A M Sapre, will feature banking professionals KV Kamath and OP Bhat, Infosys co-founder Nandan Nilekani, retired Justice JP Devdhar, and others.