oppn parties Hindenburg Report: Clean Chit To Sebi And Adani Group By Expert Committee Appointed By The Supreme Court

Story Of The Day

Assessee Not Responsible For Ensuring TDS Is Paid To The Government: Delhi HC
OPINIONS : Strongly Expressed

December 21, 2024

People Are Talking About

Rohit Warns Sarfaraz, Police Use It To Warn Two-Wheeler Riders

News Snippets

  • The Indian envoy in Bangladesh was summoned by the country's government over the breach in the Bangladesh mission in Agartala
  • Bank account to soon have 4 nominees each
  • TMC and SP stayed away from the INDIA bloc protest over the Adani issue in the Lok Sabha
  • Delhi HC stops the police from arresting Nadeem Khan over a viral video which the police claimed promoted 'enmity'. Court says 'India's harmony not so fragile'
  • Trafiksol asked to refund IPO money by Sebi on account of alleged fraud
  • Re goes down to 84.76 against the USD but ends flat after RBI intervenes
  • Sin goods like tobacco, cigarettes and soft drinks likely to face 35% GST in the post-compensation cess era
  • Bank credit growth slows to 11% (20.6% last year) with retail oans also showing a slowdown
  • Stock markets continue their winning streak on Tuesday: Sensex jumps 597 points to 80845 and Nifty gains 181 points to 24457
  • Asian junior hockey: Defending champions India enter the finals by beating Malaysia 3-1, to play Pakistan for the title
  • Chess World title match: Ding Liren salvages a sraw in the 7th game which he almost lost
  • Experts speculate whether Ding Liren wants the world title match against D Gukesh to go into tie-break after he let off Gukesh easily in the 5th game
  • Tata Memorial Hospital and AIIMS have severely criticized former cricketer and Congress leader Navjot Singh Sidhu for claiming that his wife fought back cancer with home remedies like haldi, garlic and neem. The hospitals warned the public for not going for such unproven remedies and not delaying treatment as it could prove fatal
  • 3 persons died and scores of policemen wer injured when a survey of a mosque in Sambhal near Bareilly in UP turned violent
  • Bangladesh to review power pacts with Indian companies, including those of the Adani group
D Gukesh is the new chess world champion at 18, the first teen to wear the crown. Capitalizes on an error by Ding Liren to snatch the crown by winning the final game g
oppn parties
Hindenburg Report: Clean Chit To Sebi And Adani Group By Expert Committee Appointed By The Supreme Court

By Linus Garg
First publised on 2023-05-20 07:18:07

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The Hindenburg report that had alleged share price rigging and other accounting malpractices on part of the Adani group and that had led to a crash in the price of the shares of the group's companies had led to the Supreme Court appointing a committee of experts to inquire into the regulatory framework in place in India and to find out whether there were any lapses on part of Sebi, the market regulator and whether the Adani group had in fact rigged share prices as alleged by Hindenburg. The expert committee comprised retired Supreme Court judge Justice AM Sapre, retired Bombay High Court judge Justice JP Devadhar, former State Bank of India Chairman OP Bhatt, former ICICI Bank chief KV Kamath, Infosys co-founder Nandan Nilekani and securities and regulatory expert Somasekhar Sundaresan.

The committee has submitted its report to the Supreme Court. It said that, prima facie, it found no evidence of price manipulation by the Adani group and no evidence of lapses on part of Sebi. In its report to the Supreme Court, the expert committee said that "at this stage, 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." The committee also said that there was no pattern of abusive trading and that there was no regulatory failure regarding the provision of Minimum Public Shareholding as well as no violation of compliances.

However, the committee said that there was evidence (provided by Sebi) that some entities had taken a short position before the Hindenburg report was made public and had profited from the crash in prices after the report was made public, although there was no evidence of a pattern of wash or artificial trades by the same parties multiple times. The committee also gave a clean chit to the Adani group and said that it had taken steps to comfort retail investors and keep share prices stable following the crash.

After the expert committee report, Adani group shares reversed their recent slide and gained handsomely in late trades on Friday.

Other Stories You Make Like

Editorials

Turmoil In Mollywood

Turmoil In Mollywood

NDA 3.0: Coalition Dharma

NDA 3.0: Coalition Dharma

In Depth

Supreme Court Gets Strict On Child Pornography

Supreme Court Gets Strict On Child Pornography

Editor's Pick

Budapest Chess Olympiad: India Are World Team Champions

Budapest Chess Olympiad: India Are World Team Champions
© 2014 India Commentary. All rights reserved.