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Thursday, June 1, 2023
WorldAsiaRelief to Gautam Adani: clean chit by Supreme court appointed committee

Relief to Gautam Adani: clean chit by Supreme court appointed committee


The Supreme Court appointed committee giving a clean chit to the Adani group in the Hindenburg case has proved that the situation is different from what is being claimed against Adani. All the facts expected by the opposition politicians against Adani may prove futile. The committee has only said that prima facie no law has been violated by the Adani group.

It was said in the Hindenburg report that the Adani group has wrongly influenced the prices of shares, but the Supreme Court committee has clearly stated that neither the Adani group has influenced the prices of shares nor the companies of the group. Evidence of illegal investments has been found in The committee has categorically stated that the group has not violated any norms.

The Supreme Court had refused to accept the committee constituted by the government and constituted the committee itself which included many experts. The 6 member committee is headed by retired Justice AM Sapro and other members of the committee are OP Bhatt, Justice KP Devdutt, KV Kamath, N Nilekani Somashekara Sundaresan. All these members are proficient and experts in their respective fields.

The committee has noted that Adani Group has disclosed the names of beneficial owners and SEBI has also not misrepresented the information provided by Adani Group. According to the committee, the Adani group has also followed the law regarding minimum public shareholding.

The committee constituted by the Supreme Court has even said that retail investment in the Adani group has increased after the Hindenburg report and the group also tried to give relief to the investors after the Hindenburg report. This committee also claims that short sellers made profits after the Hindenburg report.

It is true that the inquiry report of the Supreme Court committee is not final and SEBI is also probing the matter. But it is also true that the hue and cry that was created from the Parliament to the streets regarding the Adani issue was unnecessary. Even if Adani is not milk washed, but he is not so anti-national that facts should be distorted to declare him a villain.

Political allegations and counter-allegations are part of the basic principle of democracy, but if there is an exaggeration, it can be asked what facts the opposition MPs had which they considered necessary for investigation in the Joint Parliamentary Committee.

However, even though the report of the expert committee of the Supreme Court is not final, its indications are that it is not expected to be as big as what was tried to declare Adani guilty. This report also proves that the amount of trust the opposition had expressed on Hindenburg is not as reliable. (sp)

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