Adani-Hindenberg Report: SC gives SEBI 2 months to probe charges, sets up panel that includes Nandan Nilekani

The expert committee comprising OP Bhat, retired Justice JP Devdatt, Nandan Nilekani, KV Kamath and Somasekharan Sundaresan to review the regulatory framework. 

The Supreme Court on Thursday gave market regulator SEBI 2 months to investigate the allegations made in the Hindenburg Research report against the Adani group of companies.

The Apex court set up an expert committee comprising OP Bhat, retired Justice JP Devdatt, Nandan Nilekani, KV Kamath and Somasekharan Sundaresan to review the regulatory framework. 

Billionaire Gautam Adani took to Twitter to welcome the Supreme Court ruling. He said, "The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail."

The Hindenberg Research report levelled serious allegations against the Adani Group, which resulted in its stocks taking a major hit at the stock market and the personal wealth of billionaire Gautam Adani dipping sharply. 

The committee will be headed by retired Supreme Court judge Justice AM Sapre.

The expert committee has been directed to submit its report in a sealed cover to the court within two months. SEBI, on its part, will examine whether there was any manipulation of stock prices, as claimed by the Hindenberg Research report. The Apex court bench of Chief Justice of India DY Chandrachud and Justices JB Pardiwala and PS Narasimha made it clear that the setting up of the expert panel will in no way undermine the independence of the SEBI or its investigation.

The petitioners, among other aspects related to the Hindenberg Research, questioned the intent behind banking giant State Bank of India and insurance behemoth Life Insurance Corporation's decision to invest in Adani Group's shares at allegedly inflated prices.