Supreme Court panel investigating Adani Group finds no regulatory failure

An expert panel constituted by the Supreme Court to oversee investigations into the Adani Group has said that prima facie it was not possible to conclude whether there had been any regulatory failure in the case.

“At this stage, taking into account the explanations provided by SEBI [Securities and Exchange Board of India], supported by empirical data, prima facie, it would not be possible for the committee to conclude that there has been a regulatory failure around the allegation of price manipulation,” the committee stated in a report dated May 6.

The panel was formed in March to conduct an inquiry after American firm Hindenburg Research in a report on January 24 alleged that billionaire Gautam Adani’s group was pulling off the “largest con in corporate history”.

The company claimed that the conglomerate has been involved in accounting fraud, improper use of tax havens and money laundering. The Adani Group has rejected these allegations but the report still pummeled the stocks of the conglomerate’s listed companies.

In its report, the panel, however, noted that the Securities and Exchange Board of India has “drawn a blank” in its inquiry into suspected violations in foreign investments in the Adani Group and added that its investigation in the case could be...

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