The expert committee appointed by the Supreme Court has refuted allegations of any wrongdoings or fraud by the Adani Group, dismissing claims made by the well-known US short-seller Hindenburg Research. The release of the committee’s report back in March had caused Adani stocks to plummet to unprecedented lows.
However, while the expert committee has cleared the Adani Group, the Securities and Exchange Board of India (SEBI) is still investigating the alleged dubious relationship between the Adani Group and 13 companies. The Supreme Court has set a deadline of August 14 for SEBI to complete its inquiry into the Adani Group.
With the release of the expert committee’s report, the Adani Group has initiated efforts to regain the trust of investors who may have been deterred by the stock plunge. The decline in stock prices did not cause a significant impact on the overall economy, leading the Supreme Court to exercise caution in granting excessive authority to SEBI, considering the current progress of the Indian economy.
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