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SC sets up panel, seeks regulator’s report on Adani row




SC sets up panel, seeks regulator's report on Adani row

Former judges OP Bhat and JP Devdutt are also part of the probe committee. (file)

New Delhi:

The Supreme Court today ordered setting up of a six-member committee headed by former Supreme Court judge AM Sapre to look into various regulatory aspects for stock markets, including the recent fall in Adani Group’s shares following allegations of fraud by Hindenburg Research. Gave.

A bench of Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala said the panel would make a holistic assessment of the situation and suggest measures to sensitize investors as well as strengthen the existing regulatory measures for stock markets.

The bench also directed the Centre, financial statutory bodies and SEBI chairman to provide all cooperation to the panel, which will have to submit its report within two months.

Former judges OP Bhat and JP Devdutt are also part of the probe committee.

The court also named Nandan Nilekani, KV Kamath and Somasekaran Sundaresan as the three other members of the committee.

The Supreme Court, while reserving its order, had on February 17 refused to accept the Centre’s suggestion in a sealed cover on the proposed panel of experts.

Lawyers ML Sharma, Vishal Tiwari, Congress leader Jaya Thakur and Mukesh Kumar, who claims to be a social activist, have so far filed four PILs in the apex court on the issue.

Shares of Adani Group have come under pressure on the stock market following several allegations by Hindenburg Research against the business group, including fraudulent transactions and share-price manipulation. The Adani Group has dismissed the allegations as false, adding that it complies with all laws and disclosure requirements.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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