Adani-Hindenburg case update- Expert panel submitted report to Supreme Court

Expert panel of six members has submitted a report to the Supreme Court regarding the Adani-Hindenburg case. The panel was tasked with investigating the allegations of overvaluation and inflated invoices made by Hindenburg Research against Adani Group. The report contains detailed findings and recommendations for the court to consider.

The six-member expert panel set up by the Supreme Court (SC) to look into the Adani-Hindenburg row has submitted its report in a sealed cover to the court on May 8, an Economic Times (ET) report said. People aware of the development have said that the matter is due for a hearing on May 12 before Chief Justice of India (CJI) DY Chandrachud.

Hindenburg Research, a US-based investment research firm, released a report in January, 2023 alleging that the Adani Group, an Indian conglomerate, had engaged in fraudulent activities. The report claimed that the Adani Group was engaged in a brazen stock manipulation and accounting fraud.The report also alleged that the Adani Group had ties to a network of shell companies and had used these companies to engage in insider trading.The Adani Group has denied all allegations and called them baseless. However, the Supreme Court has taken the matter seriously and has appointed 6 members expert panel to investigate the matter thoroughly. The panel has conducted a detailed investigation and has submitted its report to the court.

The Securities and Exchange Board of India (Sebi) has requested a six-month extension from the Supreme Court to conclude its investigation into the accusations made against the Adani Group. The allegations against the conglomerate are serious and require a thorough investigation to ensure that justice is served. Sebi is committed to conducting a detailed probe and will take the necessary time to ensure that all aspects of the case are thoroughly examined.

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