The expert committee formed by the Supreme Court and steered by retired judge Justice AM Sapre has apparently found no slip on the part of markets regulator Securities and Exchange Board of India (SEBI) in the matter pertaining probe into the Adani Group on stock price manipulation and violation of securities rules charges.
The Supreme Court appointed the committee after the Hindenburg Research Report on Adani was released.
The top Court was given the interim report by the committee which said that at this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the Committee to conclude that there has been a regulatory failure around the allegation of price manipulation.
The committee in its reports said that said
All the 13 overseas entities which were suspected to have links with Adani group promoters have given details of beneficial owners.
The report also mentions that there is no pattern of manipulative contribution to price rise of Adani Energy;
The report suggests SEBI to prepare similar charts with data from across all Adani stocks for analysis;
It mentions how there could be no case made out as of now on related party transactions or violation of Securities Regulations;
The report also mentions that SEBI has been probing allegations for quite some time now and there is no regulatory failure on part of SEBI;
It adds that though no evidence as of now, Hindenburg report has reinforced SEBI’s suspicion.
It was the Hindenburg report that had led to a fall in the share value of various Adani companies, approximately amounting to $100 billion.
The Supreme Court had in March appointed the expert committee comprising six members to probe the fiasco in Adani matter.
The Hindenburg report published on January 24 had alleged Adani Group of companies manipulated its share prices, failed to disclose transactions with related parties and other relevant information concerning related parties, in contravention of the regulations framed by SEBI.