Adani’s-Hindenburg Case: Indian Government Says ‘Yes’ To Supreme Court Panel To Protect Investors

The Indian Government on Monday accepted the supreme court’s suggestion to do an expert-level committee to look into allegations made by Hindenburg against the Adani group and protect the investors. Market regulator Securities and the Exchange Board of India (SEBI) recently nodded the committee. 

However, Solicitor General Tushar Mehta represented the center, said the government wanted a say in the panel’s composition.

He said in front of the bench of chief justice DY Chandrachud, Justice PS Narasimha, and JB Pardiwala, “We will suggest names of the experts to be included in the committee in a sealed cover. Some names may appeal to the Supreme Court, and some may not. But these names should not be discussed and opposed by the petitioners. The SC can choose from the list.”

SEBI needed to be more capable of handling the situation, and no such message should go out to investors, said Mehta. “Our instructions are that existing structure – SEBI and other agencies – are fully equipped not only regime wise but otherwise also, in taking care of the situation.” Gautam Adani’s Conglomerate has cut its revenue growth to 15 percent to 20 percent for the next financial year, down from an earlier target of 40 percent. The publication added that the idea behind managing the expectations regarding revenue growth is to rebuild investor confidence, the publication added. Adani and its invested companies have lost more than $120 billion in market value so far; it’s been known after the report after the Hindenburg report came out.

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