Home   »   https://currentaffairs.adda247.com/government-schemes/   »   https://currentaffairs.adda247.com/government-schemes/

Adani-Hindenburg Row: Supreme Court forms experts committee to look into Hindenburg report on Adani Group; Head AM Sapre

The Supreme Court ordered an experts committee to be set up, headed by a retired Supreme Court judge, AM Sapre, after a batch of PILs was filed on the recent Adani Group shares crash triggered by the US-based short-seller Hindenburg Research’s allegations of fraud. Meanwhile, the Supreme Court also told the Securities and Exchange Board of India (SEBI) to finish the probe into the Adani Group-Hindenburg saga within a period of two months.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Adani-Hindenburg Case: Sc Appoints Six-Member Committee Headed By Justice Sapre

                                                                                                                  (image credit: respective producer)

Adani-Hindenburg Case Members of This Committee

The Supreme Court bench, led by Chief Justice of India DY Chandrachud, has appointed six members as part of the expert committee. It includes OP Bhatt, Justice JP Devadhar, KV Kamath, Nandan Nilekani and Somasekhar Sundaresan, and will be headed by Former Supreme Court judge Justice AM Sapre.

The committee, comprising bankers, judges, a lawyer and a tech stalwart, is likely to look at several aspects related to the Adani-Hindenburg Row.

Adani-Hindenburg Case- The Role of the Expert committee

  • The expert committee will be looking into the “overall assessment of the situation, including causes and factors which led to volatility in the securities market in the recent past.”
  • The committee has also been asked to suggest measures to strengthen investor awareness, and investigate if there’s been regulatory failure in dealing with alleged contravention of laws pertaining to the securities market in relation to the Adani Group and other companies.
  • In addition, the committee has been asked to suggest measures to strengthen the statutory & regulatory framework and secure compliance with the existing framework for the protection of investors.

Adani-Hindenburg Case About The Chairperson Justice AM Sapre

Bar & Bench on Twitter: "Retired Supreme Court judge Justice Abhay Manohar Sapre to head committee to examine Hindenburg -Adani issue #Adani #HindenburgReport #SupremeCourt Read full story: https://t.co/d7qfQ31Ds8 https://t.co/aQk4v7MWmr" / Twitter

Former Supreme Court judge Justice AM Sapre will be heading the committee that is expected to look at various areas of the Adani-Hindenburg case. Jusitve Sapre retired from the top court in 2019. He had earlier served as the Chief Justice of Gauhati High Court from October 19, 2013 to August 12, 2014, and as the first Chief Justice of Manipur High Court from March 23, 2013 to October 18, 2013.

Adani-Hindenburg About The Other Members of the Committee

O. P. Bhatt - Wikipedia

Om Prakash Bhatt is an Indian banker who was State Bank of India’s chairman from 2006 till 2011. Under his leadership, SBI tackled several challenges and rose on the global list rankings of the Fortune 500. He is an independent non-executive director at IT giant Tata Consultancy Services (TCS).

Nandan Nilekani Story - Early Life, Education, Investments, and More

Well-known tech entrepreneur Nandan Nilekani has been chosen as part of the expert committee. Nilekani co-founded tech giant Infosys and has been its non-executive chairman since August 2017. Nilekani was also the chairman of the Unique Identification Authority of India (UIDAI) from July 2009 to March 2014.

KV Kamath – Former Chairman

Noted banker KV Kamath will also be a part of the expert committee that will probe the Adani-Hindenburg case. Kamath, who now chairs the National Bank of Financing Infrastrcture and Development (NaBFID), served as the former chief of the New Development Bank of BRICS countries. He has also served as the chairman of Infosys Limited and as the non-executive chairman of ICICI Bank.

somasekhar-sundaresan-1 - SuperLawyer - share your career experience and professional insights with law students and lawyers

Prominent Indian lawyer Somasekhar Sundaresan is another member appointed as part of the expert committee. He is a securities and regulatory expert, but initially started his career as a journalist. Sundaresan has played an active role in shaping India’s regulatory framework for securities and corporate law.

Gautam Adani-Hindenburg row: Meet Supreme Court's probe panel; KV Kamath, Nandan Nilekani and others

Retired Judge of the Bombay High Court, Justice JP Devadhar will also be a part of the expert committeeHe was the Chairperson of the Securities Appellate Tribunal (SAT) from July 2013- July 2018.

The Adani-Hindenburg Crisis

Adani news: What markets think of Adani's answers to Hindenburg's questions | India Business News - Times of India

Adani stocks took a major hit after Hindenburg Research alleged that the Gautam Adani-led Indian conglomerate had engaged in stock manipulation and accounting fraud scheme over the last few decades. However, the Adani Group denied the allegation.

Shares of Adani Enterprises fell 10 per cent after the group denied reports that suggested it was securing a fresh $3 billion loan from an unnamed sovereign fund.

A few other Adani group stocks jumped up to 5 per cent after a slew of block deals took place on the counters. Adani Green Energy rose another 5 per cent to Rs 535.25, Adani Transmission gained 5 per cent to Rs 708.35, and Adani Ports was down 0.7 per cent at Rs 598.

You May Also Read: Hindenburg Report Drags Gautam Adani down from 3rd to 7th position on Forbes’ rich list
Find More News Related to Schemes & Committees

Adani-Hindenburg row: Supreme Court forms experts committee to look into Hindenburg report on Adani Group; Head AM Sapre_12.1


Assam Government Launched Orunodoi 2.0 Scheme_80.1




Leave a comment

Your email address will not be published. Required fields are marked *