Adani-Hindenburg case: Expert panel submits report to Supreme Court

The expert panel is said to have submitted the report to SC in the Adani-Hindenburg case.

The six-member panel constituted by the Supreme Court in March in the Adani-Hindenburg case has submitted the report in a sealed cover, a report in the The Economic Times said. The apex court is expected to take it up on May 12, the report cited people familiar with the matter.

It is not yet clear whether the expert panel has sought any extension or submitted the final report.

The top court had directed the capital market regulator Sebi to investigate any violations of securties law by the Adani Group in the wake of the Hindenburg report. It also ordered for the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework.

The panel was mandated to make recommendations to strengthen regulations and to protect Indian investors against the volatility of the kind which has been witnessed in the recent past.

Recently, Sebi sought an extension from the apex court for another six months for completing its probe in the allegations levelled against Adani Group. Both the panels were expected to submit their report within two months.

SEBI was to file a status report on May 2 but on Saturday it made an application seeking extension. Hindenburg in January accused Adani Group of accounting fraud and using a web of companies in tax havens to inflate revenue and stock prices, even as debt piled up.