Image Source : PTI Gautam Adani
Adani row: Barely a few minutes after the Supreme Court set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies, billionaire Gautam Adani welcomed the step and asserted, ‘Truth will prevail’.
Taking to the microblogging site on Thursday, he said that the group has welcomed the order of the apex court and added it will bring the result in a timely manner. “The Adani Group welcomes the order of the Hon’ble Supreme Court. It will bring finality in a time-bound manner. Truth will prevail,” tweeted Adani.
What happened today?
Earlier today, the Supreme Court ordered the setting up of a six-member committee headed by former apex court judge A M Sapre to look into various regulatory aspects for stock markets, including the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations.
A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala said the panel will make an overall assessment of the situation, suggest measures to make investors aware and strengthen existing regulatory measures for stock markets.
The bench also directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the panel which will have to submit its report within two months.
Former judges OP Bhat and JP Devdatt are also part of the probe committee. The court also named Nandan Nilekani, KV Kamath and Somasekharan Sundaresan as three other members of the committee.
Adani group refutes report
It is worth mentioning that Adani Group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
(With inputs from PTI)
Also Read: Adani row: Supreme Court sets up expert committee on issue arising out of Hindenburg report
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