The Supreme Court establishes an expert committee to investigate the Adani

The Supreme Court establishes an expert committee to investigate the Adani Group’s Hindenburg report; its chairman is AM Sapre

After the filing of a number of PILs over the recent collapse of the Adani Group’s stock, the Supreme Court ordered the formation of an experts committee under the leadership of retired Supreme Court judge AM Sapre.

Following the filing of a number of PILs concerning the recent collapse in the price of Adani Group shares, which was caused by the alleged fraud of US-based short-seller Hindenburg Research, the Supreme Court ordered the formation of an experts committee under the leadership of retired Supreme Court judge AM Sapre. The Securities and Exchange Board of India (SEBI) was also instructed by the Supreme Court to wrap up its investigation into the Adani Group-Hindenburg controversy in two months.

Read Also:- The Congress, and BJP encircle Mamta.

Members of This Committee:

Six people have been named to the expert committee by the Supreme Court bench, which is presided over by Chief Justice of India DY Chandrachud. It is led by former Supreme Court justice AM Sapre and comprises OP Bhatt, Judge JP Devadhar, KV Kamath, Nandan Nilekani, and Somasekhar Sundaresan.The group, which consists of bankers, judges, a lawyer, and a well-known figure in technology, will probably examine a number of issues connected to the Adani-Hindenburg case.

The expert committee’s function is:

The expert group will be investigating the “overall evaluation of the situation, including reasons and elements that contributed to volatility in the securities market in the recent past.”

The committee has also been asked to recommend actions to increase investor awareness and look into any regulatory shortcomings in handling claims that the Adani Group and other businesses violated securities laws.The committee has also been requested to recommend actions to enhance the legal and regulatory framework and ensure adherence to the current framework for the protection of investors.

About Justice AM Sapre, the chair:

The committee that will examine several aspects of the Adani-Hindenburg issue will be led by Justice AM Sapre, a former Supreme Court justice. 2019 saw the 2019 retirement of Justice Sapre from the Supreme Court. He had previously held the positions of first Chief Judge of the Manipur High Court from March 23, 2013 to October 18, 2013 and Chief Justice of the Gauhati High Court from October 19, 2013 to August 12, 2014.

About the other committee members:

Indian banker Om Prakash Bhatt served as the State Bank of India’s chairman from 2006 until 2011. SBI overcame many obstacles under his direction and improved on the Fortune 500 worldwide list rankings. He serves as a non-executive independent director of the IT behemoth Tata Consultancy Services (TCS)

Nandan Nilekani, a well-known IT entrepreneur, has been selected to serve on the expert group. Nilekani is the non-executive chairman of IT giant Infosys and has held that position since August 2017. From July 2009 until March 2014, Nilekani served as the head of the Unique Identification Authority of India (UIDAI).

The well-known financier KV Kamath will also be a member of the group of experts looking into the Adani-Hindenburg matter. Kamath was the previous head of the New Development Bank of the BRICS nations and currently serves as the chair of the National Bank of Financing Infrastructure and Development (NaBFID). He has also held the positions of non-executive chairman of ICICI Bank and chairman of Infosys Ltd.

Somasekhar Sundaresan, a well-known Indian attorney, is another person selected to the expert committee. While he now specialises in securities and regulations, he first began his career as a journalist. Sundaresan has actively contributed to the development of India’s securities and corporate law regulatory environment.

The expert team will also include Justice JP Devadhar, a retired judge from the Bombay High Court. From July 2013 until July 2018, he served as the Securities Appellate Tribunal’s (SAT) Chair.

The Adani-Hindenburg crisis:

The Indian conglomerate founded by Gautam Adani, allegedly participated in stock manipulation and an accounting fraud scheme over the course of several decades, according to Hindenburg Research, which caused a significant decline in the value of Adani equities. Adani Group, nevertheless, refuted the claim.

After denying rumours that it had obtained a new $3 billion loan from an undisclosed sovereign fund, Adani Enterprises’ stock price dropped 10%.

A number of other Adani group equities increased by as much as 5% as a result of several block trades that occurred on the exchanges. Adani Transmission increased by 5% to Rs 708.35, Adani Ports decreased by 0.7% to Rs 598, and Adani Green Energy increased by another 5% to Rs 535.25.