The six-member expert panel, set up by the Supreme Court, to look into US short seller Hindenburg's allegations against Adani Group, has submitted its report in a sealed cover to the court on May 8, said a report on Wednesday.
“It is not known whether the committee has completed its investigation into all the issues pointed out by the top court in its March 2 order, or whether it has also sought further time to conclude its findings,” Economic Times reported. The matter is due for hearing on May 12 before Chief Justice of India (CJI) DY Chandrachud.
In February, the apex court had rejected the name suggested by the Union Government as members of the committee, and announced the formation of its own panel. The apex court panel is headed by former Supreme Court judge A M Sapre, former bankers K V Kamath and O P Bhatt, Infosys co-founder Nandan Nilekami, securities lawyer Somasekhar Sundaresan and retired high court judge J P Devadhar.
On March 2, 2023, Supreme Court (SC) had pointed out a set of issues to be investigated in its order. The SC had asked both the committee and Securities and Exchange Board of India (SEBI) to conclude their findings and submit reports within two months.
SEBI was supposed to file the report by May 2 but on April 29, it made an application seeking a six-month extension for thorough investigation into the allegations of stock manipulation and financial fraud against Adani Group.
After SEBI’s plea to the court, the Adani Group responded, "We understand that SEBI has approached the Hon'ble Supreme Court for more time to conclude its investigation.”
“We have welcomed the investigation, which represents a fair opportunity for everyone to be heard and for all issues to be addressed. We are fully compliant with all laws, rules and regulations and are confident that truth will prevail. We are fully cooperating with SEBI and will continue to provide all our support and cooperation," the statement added.
Earlier this year in January, Hindenburg Research accused the Adani Group of “brazen stock manipulation and accounting fraud for decades”. It further said that the Indian conglomerate was involved in stock manipulation and fraud using shell companies and Adani companies have also taken on substantial debt, including pledging shares for loans.