The Supreme Court will hear the Adani-Hindenburg case today that is on May 12. The court will hear the petitions filed on this dispute today. American research firm Hindenburg released its report against Adani Group on 24 January 2023. It was said in this report that Adani Group companies are 80 percent overvalued. It was also alleged that the group increases the price of shares by manipulation.
Earlier, the court had ordered SEBI to investigate the allegations leveled against the Adani group. The Supreme Court headed by retired judge Abhay Manohar Sapre had asked for suggestions on protecting the interests of common investors.
The Justice Sapre Committee had filed the status report in a sealed cover on Tuesday.
The Supreme Court had formed a 6-member expert panel
The Hindenburg Report made serious allegations against the Adani group. After this there was a huge uproar. The shares of Adani Group continued to fall. At the same time, an uproar started from the road to the Parliament regarding the Adani-Hindenburg issue. This matter reached the Supreme Court. After this, the Supreme Court constituted a 6-member expert panel to investigate the Adani Group.
The committee was asked to submit its report within two months. Following the court’s order, the panel has filed its report in a sealed cover in the Supreme Court on May 8.
Report will be presented before Justice DY Chandrachud today
Today the report will be presented before Chief Justice DY Chandrachud. Significantly, SEBI, which is probing the Adani case, has sought additional time. On April 29, SEBI sought an extension of six months to complete the probe into the allegations made by Hindenburg against Adani Group. SEBI, keeping its point before the Supreme Court, has demanded to take 6 months more time to complete the investigation.
SEBI had asked for 6 months time
SEBI has sought an extension of 6 months from the court. But the Supreme Court had asked SEBI to complete the investigation within two months. There was also opposition to SEBI asking for an additional time of 6 months. A petition was filed against SEBI’s demand for 6 months’ extension.
The petition said that by giving additional time for investigation, the company may tamper with important data and facts. Significantly, the court had given two months time to both the panel and SEBI.
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