SC Clean Chit | Adani Group did not rig the shares, SC committee gave a clean chit, shares surged

FILE PHOTO Mumbai: Good news for Adani Group, Supreme Court appointed expert committee has given clean chit to Adani Group. The committee is probing the Hindenburg Report’s allegations against the Adani group. The committee has also suggested that there has been no violation of regulations by SEBI. According to the report submitted by the committee to the Supreme Court, the Adani group has clarified that no manipulation has been done in the shares. Adani Group said that necessary steps have been taken in the interest of retail investors. Shares don’t have any special pattern According to the panel, according to the share pattern issued by SEBI, there has not been much change in Adani Group companies. Hindenburg alleges that the Adani Group rigged the shares. After this decision of the committee, there was a huge jump in the shares of Adani Group. SEBI is investigating 13 transactions Earlier during the hearing in the Supreme Court, SEBI had kept its argument. SEBI had sought more time to probe the matter. In this, SEBI said that the process of investigation of 13 deals is complicated. Because there are many sub-transactions involved in it. Hence the financial transactions of several domestic foreign banks and on-shore and off-shore institutions are to be scrutinised. Following this demand of SEBI, the Supreme Court has directed SEBI to present the investigation report by August 14. The next hearing of this case will be on July 11. After this decision, there has been a jump in the shares of Adani Group including Adani Enterprises. Shares of Adani Enterprises rose 3%. Read this too Earlier, the hearing was held on May 17, the Supreme Court had given its verdict on May 17 while hearing the Adani Group and Hindenburg case. The Supreme Court has ordered SEBI to complete the investigation in the matter by 14 August. SEBI had sought six months time from the Supreme Court in this matter. But the Supreme Court has given a deadline of 14th August and now SEBI has to complete the investigation in this matter by 14th August.