Business
Adani-Hindenburg Row: Prima Facie No Regulatory Failure On Part Of SEBI, Says SC Panel Report
Adani Group. (Representative image).
An expert panel appointed by the Supreme Court to examine accusations against Adani Group has stated that at this stage, it was not possible to conclude if there has been regulatory failure on stock price manipulation allegations.
A similar observation was made by the panel in relation to disclosures of related party transactions.
The Supreme Court had appointed the committee after US short-seller Hindenburg Research in a report alleged fraud, stock market manipulation and improper use of offshore entities by Adani Group, reports Indian Express.
"The committee is of the view that it would not be possible to return a finding of a regulatory failure in relation to compliance with the regulatory stipulations governing minimum public shareholding stipulation..." the panel report noted, reports Business Today.
"It is noteworthy that a strong feedback on the Hindenburg Report is that it contained no new data but was substantially a collection of inferences from data in the public domain," the six-member panel said in the report.
The expert committee in its report said the Indian stock market as a whole was not unduly volatile post 24 January, when Hindenburg came out its allegations.
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