'No wrongdoings by Adani group'; SC appointed panel questions Hindenburg report

NEW DELHI: An expert committee appointed by the supreme court denied any wrongdoings or fraud from the Adani group as leveled by the famous US short-seller Hindenburg Research. The report when released back in March took the Adani stocks to plunge to unprecedented lows.

At the same time, SEBI(The Securities and Exchange Board of India) is still vague over the 13 companies said to have a dubious relationship with Adani groups. The SC gave a deadline of August 14 for SEBI to complete the inquiry procedure on Adani groups.

With the expert committee report, the Adani group has kickstarted work to attract back the splintered investors back to the group. The stocks falling down never created a tectonic shift in the economy, forcing the SC not to give surplus authority to SEBI minding the current Indian economic advance.

Expert committee findings

1) Adani Group has disclosed all beneficial owners

2) No charge by SEBI that they are rejecting Adani's declaration of beneficial owners.

3) Retail shareholding of Adani has gone up after Hindenburg report.

4) There were short-selling profits made by entities after Hindenburg which need to be probed.

5) No prima facie violation of existing rules or laws found.

6) Report draws caveat due to ongoing SEBI probe

7) Report says SEBI still doesn't have enough info on 12 overseas entities and 42 contributors to assets under management.

8) Report finds that SEBI while referring case to ED, did not make prima facie charge.

9) Report finds that Adani stocks have stabilized at new price discovery without destabilizing Indian markets.

10) Report acknowledges efforts by Adani to stabilize stocks.