"Feel Vindicated": Ex-Chief Economic Advisor On Clean Chit To Adani Group
NDTV
The expert panel, appointed by the Supreme Court, has cleared the Adani Group following an investigation into allegations of regulatory failure by the Securities and Exchange Board of India (SEBI).
Former Chief Economic Advisor Krishnamurthy Subramanian on Friday said the Supreme Court-appointed panel's clean chit to the Adani group had vindicated his stance that there had been no fraud or manipulation in the case and the post-2021 stock price surge may be attributed to enhanced infrastructure investment in the wake of India's post-Covid budget.
"The stock price of Adani increased post-2021, primarily from March 2021 onwards. That was the time when the post-Covid budget was presented and the Indian economy changed and started to invest far more in infrastructure. I interpreted Adani to be a beneficiary as an infrastructure enterprise," said Mr Subramanian.
"I feel vindicated by the report that has been submitted to the Supreme Court, where the panel of experts clearly says that they cannot find any evidence to suggest that there was any fraud involved... By looking at the evidence, the panel did not find any convincing evidence of fraud or manipulation," he said.
The former economic advisor also defended the panel's members, including KV Kamat, former MD and CEO of ICICI Bank, and financial lawyer Somasekhar Sundaresan, from allegations by the opposition Congress, asserting their integrity and expertise.
