Big relief to Adani Group in Hindenburg case, SC committee did not find evidence
<p>Adani Group has got a big relief in Hindenburg case. An expert committee constituted by the Supreme Court found no evidence against the group in its investigation. The Supreme Court’s expert committee has said in its report that it has not found any evidence of manipulation of share prices by the Adani Group. The inquiry committee has cited 4 SEBI reports. According to the information received, this report has been handed over to the Supreme Court. Along with this, the expert committee has said in its investigation report that Adani Group had given all necessary information to the stock exchange. The group’s shares were already under the watchful eye of additional surveillance measures. Let us tell you that in the report given by SEBI to ED, no allegation has been made against Adani Group. This is a big relief news for Adani Group.After Adani Group got relief in the report of the inquiry committee formed by the Supreme Court, the shares of the group companies are seeing a surge. Out of</p>
05:52 PM May 19, 2023 IST
Adani Group has got a big relief in Hindenburg case. An expert committee constituted by the Supreme Court found no evidence against the group in its investigation. The Supreme Court’s expert committee has said in its report that it has not found any evidence of manipulation of share prices by the Adani Group. The inquiry committee has cited 4 SEBI reports. According to the information received, this report has been handed over to the Supreme Court. Along with this, the expert committee has said in its investigation report that Adani Group had given all necessary information to the stock exchange. The group’s shares were already under the watchful eye of additional surveillance measures. Let us tell you that in the report given by SEBI to ED, no allegation has been made against Adani Group. This is a big relief news for Adani Group.
After Adani Group got relief in the report of the inquiry committee formed by the Supreme Court, the shares of the group companies are seeing a surge. Out of 10 companies listed in the stock market, only 1 is seeing a decline but 9 are seeing a rise. Adani Enterprises rose 2.20 percent to Rs. is trading at 1931.60. At the same time, Adani Power is witnessing an increase of 3.27. Adani Transmission, Adani Wilmar, Ambuja Cement, NDTV are also showing good growth.
Hindenburg made several serious accusations against the group
Let us tell you that in January this year, the American financial research and investment company Hindenburg accused the Adani group that some of these funds based in Cyprus and Mauritius were linked to Adani, which were used to manipulate the share prices of the group companies. However, the Adani Group denied all the allegations. After which an inquiry committee was formed.
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SEBI was given three months time
The Supreme Court has given the Securities and Exchange Board of India (Sebi) three months till August 14 to complete its probe into allegations of share price manipulation by a group led by Gautam Adani. A bench headed by Chief Justice of India DY Chandrachud ordered SEBI to file a report on its probe into allegations of share price manipulation by a group led by Gautam Adani. Let us tell you that the Supreme Court on March 2 ordered the formation of a six-member committee to probe the allegations of manipulation of stock prices by a group led by Gautam Adani. American short-seller company Hindenburg made allegations against the business group in its report. The Supreme Court will further hear the Adani Hindenburg dispute case on July 11. The bench said, “The time given to SEBI to submit its report has been extended till August 14, 2023.
Adani Group has been given a clean chit
The Adani Group has been given a clean chit by the Supreme Court-appointed inquiry committee in the Hindenburg case. In a report made public, the SC committee has said that there was no prima facie violation of any law by the Adani group, and that SEBI also did not misrepresent the information provided by the Adani group.
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