Supreme Court-appointed panel of experts has given a clean chit to the Adani Group in connection with allegations of price manipulation and regulatory failure. The panel, which was set up in 2021 to investigate the matter, said that there was no evidence to support the allegations.
The allegations against the Adani Group were made by a US-based short seller firm, Hindenburg Research. The firm had alleged that the Adani Group had engaged in price manipulation and regulatory failure in order to boost the share prices of its companies.
The Supreme Court-appointed panel investigated the allegations and found no evidence to support them. The panel said that the Adani Group had complied with all applicable regulations and that there was no evidence of price manipulation.
The panel’s findings have been welcomed by the Adani Group. The group said that the report “vindicates our stand” and that it is “committed to the highest standards of corporate governance”.
The findings of the panel are also a setback for Hindenburg Research. The firm has been accused of making false and misleading allegations against the Adani Group. The firm has denied the allegations and said that it is “considering its legal options”.
The Supreme Court-appointed panel’s findings are a significant development in the Adani Group saga. The findings have cleared the group of any wrongdoing and have also raised questions about the credibility of the allegations made by Hindenburg Research.