Picture : Twitter/ ANI
The Supreme Court has ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani Group shares crash triggered by the Hindenburg Research’s fraud allegations and other regulatory aspects related to stock markets.
The court asked the panel to submit its report in a sealed cover within two months.
A bench of Chief Justice D Y Chandrachud and justices P S Narasimha and J B Pardiwala said the panel will make an overall assessment of the situation, suggest measures to make investors aware and strengthen the existing regulatory measures for the stock markets.
The top court observed that the PILs pertained to “the loss of investors’ wealth over the past few weeks due to the steep decline of share prices of Adani group companies, precipitated by the Hindenburg Research report which alleged manipulations and malpractices by the Adani group companies” and also directed market regulator SEBI (Securities and Exchange Board of India) to complete its ongoing probe into the issue in two months and file a status report.
