We are a digital company founded in 2022 creating content on latest subjects in trend; be it lifestyle, fashion, entertainment, sports, technology or business.

Get in Touch

Supreme court gives clean chit to Adani group in Hindenburg report

Author Name : Harish Kumar bairagi     |     Date : 06-06-2023
Blog Image

According to the latest Report  , Supreme court says ‘No Regulatory Failure in Market, The Supreme Court bench remarked that it first looks that the Adani Group did not manipulate prices.The Adani Group received a clean chit from the Supreme Court-appointed commission or panel looking into the allegations related to the Hindenburg on friday (19 May). What does clean chit: 'Cleared of any wrongdoing' by a legal comity is the meaning of the term. The Supreme court also said that It was unlikely to derive the conclusion that market regulator SEBI had made any regulatory violations and not any Failure in the Regulatory based on the 173-page study..  Adani stocks crashed after the Hindenburg report in January 2023.

Group had taken necessary steps to comfort retail investors and followed the regulations .

During this week, the Supreme Court gave SEBI till the 14th of August to close up its investigation regarding the Hindenburg allegations.The committee claimed SEBI had discovered certain businesses , institutions , HNIs , Short sellers had taken a short position before the Hindenburg report and had benefitted when the price dropped as a result of the report. The committee recently filed its conclusions to the Supreme Court.
The committee did not uncover any evidence of repeated Artificial transactions or fraudulent trading among the same participants.The committee reported that no organized pattern of illegal trading had been found.

Oppositions view on this SC Clean chit
The Congress party has voiced concerns after a Supreme Court-appointed panel cleared the Adani Group. The party claims that the panel had bias and that its report is untrustworthy.
The Congress party has also claimed that the government protected the Adani Group from probe. The party has requested the formation of a Joint Parliamentary Committee (JPC) to look into the charges raised against the Adani Group.
The Government has denied the claims made by the Congress party. The goverment claimed that the panel was unbiased.

Adani Enterprises' shares surged 18.92% on the BSE. Adani Wilmar shares increased by 10%, Adani Ports by 6.05%, Ambuja Cements by 5.01%, Adani Power by 5%, Adani Transmission by 5%, Adani Green Energy by 5%, and Adani Total Gas by 5%. NDTV gained 4.98%, while ACC gained 4.93%.
the cumulative market capitalization of the ten listed Adani Group entities exceeded Rs 10,16,212.15 crore. On Monday, May 22, the shares of all ten listed Adani Group companies closed in the green.Adani Enterprises Ltd's stock rose as high as 19% on Tuesday, bringing its three-day increase to 46%, while Adani Ports  gained 8% in order to recover all of the losses caused by Hindenburg.