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Supreme Court Panel’s Clean Chit To Adani Group: Prima Facie No Violation

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Supreme Court-appointed panel said there has been no violation by the Adani Group

New Delhi:

There has been no violation by the Adani Group and it is not possible to conclude that there had been any regulatory failure on the part of market regulator SEBI, a Supreme Court-appointed panel of domain experts investigating the Hindenburg allegations has said, giving a clean chit to the Adani Group.

The Supreme Court panel of domain experts has said at first glance there appears to have been no price manipulation on the part of the Adani Group.

The Adani Group has taken necessary steps to comfort retail investors and mitigating measures taken by the group had helped in building confidence in the stock, the panel said. The stocks, it noted, are stable now.

The key points in the report submitted to the Supreme Court are:

*No pattern of artificial trading or wash trades among the same parties multiple times was found.

*No coherent pattern of abusive trading came to light.

*No violation found on Minimum Public Shareholding, investments from related parties.

*No finding of regulatory failure regarding Minimum Public Shareholding.

The committee clearly stated that the regulator had not been able to prove that its suspicion can be translated into a firm case of prosecuting an allegation of violation.