Very Clear No Violation Found: Experts On Supreme Court Panel Report On Adani Group

Many experts have said the report by the Supreme Court-appointed expert committee vindicates the Adani Group's sincere efforts in boosting investor confidence

A Supreme Court-appointed panel of experts examining India's regulatory mechanism in an investigation linked to the Hindenburg allegations has given a clean chit to the Adani Group and has said it appears there was no regulatory failure on the part of market regulator SEBI.

Many experts have said the report vindicates the Adani Group's sincere efforts in boosting investor confidence by paring down the debts raised, secured by encumbrances on their shareholding, and infusion of fresh investment into Adani stocks by buying shares worth nearly $2 billion by a private equity investor from the promoters of the Adani Group.

"I have not gone through the detailed report, but have only glimpsed through it. The only thing that remains to be clear is the ownership structure. Beyond that the report clearly says there has been no wrongdoing as far as the committee's remit. The committee's remit was not to see if there was accounting issues or not. The committee had four-five points of remit and they have examined everything. And as far as ownership is concerned, they have very clearly said they have written to 13 jurisdictions and those details are still awaited. So except that point being clarified, almost everything has been clarified. It is clear that no violation has been found as of now," JN Gupta, former executive director, Securities and Exchange Board of India (SEBI), told NDTV.

Corporate lawyer Sandeep Parekh told NDTV that the key issue was whether there was any fraud. "Even at the prima facie stage they have found no fraud... The other issue which is much more trivial but given a lot of importance is the minimum public shareholder (MPS) rules. It is a minor thing. Lots and lots of public sector companies have not been fulfilling MPS norms," Mr Parekh said.