SC on Adani dispute: The Supreme Court on Friday sought SEBI’s response by Monday (February 13) on petitions related to the Hindenburg Report that caused huge trouble in the Indian stock market after Adani Group’s shares fell.
The top court asked the regulatory body (SEBI) to tell the court how to ensure the safety of investors in future and tell the court what is the existing framework and how to strengthen the regulatory framework.
The apex court said that SEBI’s response includes the existing regulatory framework and the need to set up a robust mechanism to protect investors.
The petition has also sought a court-monitored probe headed by a retired apex court judge into the report which has made several allegations against the Adani group. Advocate Vishal Tiwari filed the petition mentioning the urgent listing of the matter before a bench headed by Chief Justice DY Chandrachud.
In his petition, Tiwari called for an urgent hearing, claiming that the case had “tarnished the image of the country”. He also informed the bench that a separate petition filed on the issue is to be listed for hearing on February 10.
Read also: Adani Group crisis: Opposition parties demand JPC or SC-monitored probe into Hindenburg report
Last week, advocate ML Sharma had filed another PIL in the apex court against short seller Nathan Anderson of US-based firm Hindenburg Research and his associates in India and the US for allegedly exploiting innocent investors and Adani’s ” There was a demand for prosecution for “artificial crash”. The value of the group’s share in the market.
Moody’s downgrades rating outlook for Adani’s 4 companies
Moody’s Investors Service on Friday revised downwards the rating outlook of four Adani group companies from stable to negative following a significant and sharp decline in market value following a report by US-based short seller Hindenburg Research.
Moody’s said in a statement that the rating outlook for Adani Green Energy Limited, Adani Green Energy Restricted Group, Adani Transmission Step-One Limited and Adani Electricity Mumbai Limited has been changed from stable to negative.
It said, “These rating actions follow a significant and rapid decline in the market equity values of Adani group companies following the recent release of a report by a short-seller highlighting governance concerns at the group.” came later.”
About Adani Row
It must be mentioned here that Adani Group shares have suffered on the stock exchanges following several allegations by Hindenburg Research against the corporate giant including illegal transactions and share-price manipulation. However, the Adani Group has denied the allegations, claiming that it complies with all legal and disclosure obligations.
Meanwhile, both Houses of Parliament have been witnessing uproar over the past few days as opposition parties demanded a Joint Parliamentary Committee (JPC) or a Supreme Court-monitored probe into the alleged “economic scam” by the US-based short seller. is of. Against Adani Group