oppn parties Adani-Hindenburg: Issues Remain Despite Regulatory Clean Chit

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  • Finance Minister Nirmala Sitharaman said India's trade imbalance with China was growing sharply and attributed the problem partly to restrictions on Indian goods and services entering the Chinese market. China subsequently said it was ready to work with India to address mutual economic and trade concerns; India's trade deficit with China reached $69 billion in the first half of FY2026–27, up 27% year-on-year
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  • The Supreme Court issued notices to the Election Commission of India, Delhi Police and opposition leaders, including Rahul Gandhi and Akhilesh Yadav, in separate petitions concerning electoral-roll revision and protests held in Delhi on October 10–12. The court also directed the preservation of CCTV footage linked to allegations of police excesses
  • The Supreme Court ruled that a person converting from Hinduism to Islam cannot automatically claim backward-class reservation benefits in the new religious community solely on the basis of their previous caste status. The judgment upheld the Madras High Court's decision striking down a 2024 Tamil Nadu government order that permitted such certification for specified communities
  • The Election Commission of India ordered a Special Summary Revision of electoral rolls in 14 states and three Union Territories, using January 1, 2027, as the qualifying date for voter eligibility. The draft rolls are scheduled for publication on November 12, claims and objections will be accepted until December 11, and the final rolls are due on January 4, 2027
Delhi HC refuses to ban CJP's Tiranga rally at Central Park in Connaught Place today /////// Police says will control and regulate it /////// NDMC closes the park for the public on Friday and Saturday
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Adani-Hindenburg: Issues Remain Despite Regulatory Clean Chit

By Our Editorial Team
First publised on 2023-05-20 14:32:04

About the Author

Sunil Garodia The India Commentary view

The expert committee appointed by the Supreme Court to examine the issue of regulatory failure by market watchdog Securities & Exchange Board of India (Sebi) following the crash in the market price of shares of the Adani group companies after a report by US short-seller Hindenburg alleged that the group had manipulated stock prices and indulged in massive accounting malpractices has submitted its report to the apex court. According to the committee, there is prima facie no evidence of any price manipulation by the Adani group and violation of norms by Sebi.

The terms of reference of the expert committee were limited to examining whether the regulatory framework was robust and had not been violated or misused in any manner which was not detected by Sebi. In that respect, the committee said it found no evidence of the same. The committee categorically stated that "taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation."

Although it is clear that the Hindenburg group was a big beneficiary of the price crash in the shares of Adani group companies as it, and others advised by it, had shorted Adani shares before the report was released and in that respect, it can be said to be a mischievous, biased and disruptive entity which released the report to profit from the crash, the fact remains that some of the other charges made in the report - mainly accounting malpractices and having unheard of and small chartered accountant firms (who did not have the infrastructure required to audit companies of that size and could be influenced to clear manipulated accounts)as statutory auditors, among other charges - still need to be investigated. The said charges cannot be investigated by Sebi and its report, that is due by August 14, the new deadline set by the Supreme Court, will not touch on these issues. The Supreme Court would do well to set up a panel of domain (financial) experts to investigate the other charges too.

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