Adani Group Gets Clean Chit from Supreme Court Panel

New Delhi: A Supreme Court-appointed panel of domain experts investigating the Hindenburg allegations gave a clean chit to the Adani Group, reported NDTV. According to the panel, there has been no violation by the Adani Group and it is not possible to conclude that there had been any regulatory failure on the part of market regulator SEBI.

According to NDTV, the Supreme Court panel of domain experts has said at first glance there appears to have been no price manipulation on the part of the Adani Group. The Adani Group has taken necessary steps to comfort retail investors and mitigating measures taken by the group had helped in building confidence in the stock, the panel said. The stocks, it noted, are stable now.

The report submitted by the panel to the Supreme Court stated that no pattern of artificial trading or wash trades among the same parties multiple times was found. The panel also did not find any coherent pattern of abusive trading. No violation found on Minimum Public Shareholding, investments from related parties, said the panel.

The committee clearly stated that the regulator had not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation.