Monday, September 25, 2023

Adani Probe: Adani Group is beyond doubt! Why did this veteran lawyer do such a thing?

Adani Group, which does business in various sectors from port to airport, has not been able to recover from the impact of Hindenburg’s controversial report even after almost 4 months have passed. Still, the shares of group companies have fallen from their pre-report levels, while on the other hand, the group is facing SEBI probe due to Hindenburg’s allegations. Meanwhile, senior advocate Mukul Rohatgi says that the Supreme Court committee against the Adani group has found no evidence of wrongdoing.

No evidence of wrongdoing found

He said the Hindenburg Had accused the Adani group of rigging the share prices, but the expert committee constituted by the Supreme Court has not found any concrete evidence in this regard. He said, Adani group is beyond doubt. No evidence of any wrongdoing has been found by the Adani group or group companies, whether in terms of rigging of share prices or minimum public shareholding or related party transactions.

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SEBI regulations Full compliance

Rohatgi claimed that the report of the panel constituted by the Supreme Court has not found any violation regarding related party transactions. The panel has found that the scale of minimum public shareholding set by SEBI has been fully followed. Most importantly… The panel has found that the shares of Adani Group are stable. Their prices may not be at the level where they were before January 24, but they are stable and there is confidence in the minds of investors. The Adani group has put in a lot of effort to ensure investor confidence.

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Adani shares still in loss

Let us tell you that the report of American short seller firm Hindenburg Research on 24 January came to the fore. In the report, Hindenburg Research had made several serious allegations against the Adani group, including rigging of share prices. After that, there was a huge decline of more than $ 150 billion in the value of Adani group companies during about a month and Adani’s shares have not been able to recover from the loss till now.

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Monitoring of this panel Investigation in

After the Hindenburg report, the case related to Adani has become the center of political debate in the country. At present, the market regulator SEBI is probing various allegations made by Hindenburg Research against the Adani group and the Supreme Court has formed a panel of experts to monitor it. The panel of experts includes retired Supreme Court judges Justice AM Sapre, Justice OP Bhatt, KV Kamath, Nandan Nilekani and Somashekar Sundaresan.

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