Gautam Adani welcomes Supreme Court order to set up regulatory probe panel, says 'Truth will prevail'

On January 24, the US-based short-seller published a report named "Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History", which led to the downfall of Adani Group stocks.

Team Newsable

First Published Mar 2, 2023, 12:23 PM IST | Last Updated Mar 2, 2023, 12:23 PM IST

Minutes after the Supreme Court's order on Adani-Hindenburg case, Gautam Adani, the Chairman of the Adani Group on Thursday (March 2) posted a tweet welcoming the order to set up a six-member probe panel to investigate regulatory aspects behind the rout in Adani Group companies' shares.

In a tweet, the Chairman of the Adani Group 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."

Also read: Meet the SC-appointed expert panel members who will probe Adani-Hindenburg case

The committee, headed by the former apex court judge AM Sapre, will make an overall assessment of the stock market including the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations.

In addition to this, the Supreme Court has directed SEBI to investigate whether there has been a violation of Section 19 of SEBI rules, or whether there was any manipulation of stock prices.

The apex court was hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect the investors' interest

Also read: Adani-Hindenburg Report: SC gives SEBI 2 months to probe charges, sets up panel that includes Nandan Nilakeni

Adani Group's market capitalisation has fallen sharply over the past month, moving near Hindenburg Research's target of 85% downside.

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