<p>The Supreme Court of India on Thursday constituted an expert-level committee headed by&nbsp;Justice AM Sapre, a retired judge of the apex court to look into&nbsp;the allegations made in the Hindenburg report&nbsp;against the Adani group. The court also directed market regulator&nbsp;Securities and Exchange Board of India (SEBI) to conclude the investigation in two months and submit a status report.&nbsp;</p>

<p>A bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala made the decision. It directed SEBI to investigate whether the Adani group failed to disclose transactions with related parties to the regulator and if the conglomerate manipulated its stock prices.&nbsp;</p>

<p>"The above directions shall not be construed to limit the contours of the ongoing investigation. SEBI shall expeditiously conclude its investigation within two months and file a status report," the court told SEBI.&nbsp;</p>

<p>Meanwhile, the expert committee comprises the likes of OP Bhat (former Chairman of SBI), retired Justice JP Devdat, KV Kamath, Nandan Nilakeni and Mr Somasekharan Sundaresan.&nbsp;</p>

<p>After the court's order, Gautam Adani released a statement saying his company respected the decision.&nbsp;</p>

<p>"The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail," he tweeted.&nbsp;</p>

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<p dir="ltr" lang="en">The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail.</p>
— Gautam Adani (@gautam_adani) <a href="https://twitter.com/gautam_adani/status/1631173663444832256?ref_src=twsrc%5Etfw">March 2, 2023</a></blockquote>
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<p>It was last month that the SC took a grim view of the rout in shares of the Adani group. It stated investors had suffered losses running into several billion dollars and suggested that a mechanism was needed to protect the investors and put forth the idea of an expert committee.&nbsp;</p>

<p><a href="https://www.wionews.com/videos/gravitas-adani-firms-losses-swell-to-120-billion-560759" target="_blank"><strong>WATCH | Gravitas: Adani firms' losses swell to $120 billion</strong></a></p>

<p><iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-adani-firms-losses-swell-to-120-billion-560759/embed" width="560"></iframe></p>

<p>After a brief consultation, the government accepted SC's suggestion but not before adding the caveat that it would like to have a say in the composition of the panel.&nbsp;</p>

<p>"We will suggest names of the experts to be included in the committee in a sealed cover. Some names may appeal to the Supreme Court, and some may not. But these names should not be discussed and opposed by the petitioners. The SC can choose from the list," said&nbsp;Solicitor General Tushar Mehta at the previous hearing.&nbsp;</p>

<p><a href="https://www.wionews.com/india-news/adani-hindenburg-indian-government-says-yes-to-supreme-court-panel-to-protect-investors-561694"><strong>Read more:&nbsp;Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe</strong></a></p>

<p>After the Hindenburg report came out, Adani and its affiliate companies have lost more than $120 billion in market value so far.</p>

<p>The Hindenburg report accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt.&nbsp;</p>

<p>Since then, Gautam Adani's conglomerate has tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the previous target of 40 per cent.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>

<p><strong>WATCH WION LIVE HERE:&nbsp;</strong></p>

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The Supreme Court of India on Thursday constituted an expert-level committee headed by Justice AM Sapre, a retired judge of the apex court to look into the allegations made in the Hindenburg report against the Adani group.

The Supreme Court of India on Thursday constituted an expert-level committee headed by Justice AM Sapre, a retired judge of the apex court to look into the allegations made in the Hindenburg report against the Adani group. The court also directed market regulator Securities and Exchange Board of India (SEBI) to conclude the investigation in two months and submit a status report. A bench comprising Chief Justice of India DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala made the decision. It directed SEBI to investigate whether the Adani group failed to disclose transactions with related parties to the regulator and if the conglomerate manipulated its stock prices. "The above directions shall not be construed to limit the contours of the ongoing investigation. SEBI shall expeditiously conclude its investigation within two months and file a status report," the court told SEBI. Meanwhile, the expert committee comprises the likes of OP Bhat (former Chairman of SBI), retired Justice JP Devdat, KV Kamath, Nandan Nilakeni and Mr Somasekharan Sundaresan. After the court's order, Gautam Adani released a statement saying his company respected the decision. "The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail," he tweeted. The Adani Group welcomes the order of the Hon'ble Supreme Court. It will bring finality in a time bound manner. Truth will prevail. — Gautam Adani (@gautam_adani) March 2, 2023 × It was last month that the SC took a grim view of the rout in shares of the Adani group. It stated investors had suffered losses running into several billion dollars and suggested that a mechanism was needed to protect the investors and put forth the idea of an expert committee. WATCH | Gravitas: Adani firms' losses swell to $120 billion After a brief consultation, the government accepted SC's suggestion but not before adding the caveat that it would like to have a say in the composition of the panel. "We will suggest names of the experts to be included in the committee in a sealed cover. Some names may appeal to the Supreme Court, and some may not. But these names should not be discussed and opposed by the petitioners. The SC can choose from the list," said Solicitor General Tushar Mehta at the previous hearing. Read more: Adani-Hindenburg: To protect investors, Indian govt. says yes to Supreme Court panel probe After the Hindenburg report came out, Adani and its affiliate companies have lost more than $120 billion in market value so far. The Hindenburg report accused the Adani group of stock manipulation using tax havens whilst having unsustainable debt. Since then, Gautam Adani's conglomerate has tapered its revenue growth to 15 per cent to 20 per cent for the next financial year, down from the previous target of 40 per cent. (With inputs from agencies) WATCH WION LIVE HERE:

Adani-Hindenburg: Supreme Court constitutes expert panel, issues two-month deadline to SEBI

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