The Supreme Court of India has appointed an independent panel to investigate claims of fraud against the corporate empire of billionaire Gautam Adani.
In a January investigation, Hindenburg Research accused Adani Group enterprises of stock manipulation and financial fraud, precipitating a dramatic decline in the company’s share price.
The organization has disputed the accusations
Nonetheless, the incident sparked a political spat, with opposition leaders calling for an investigation into the allegations.
The Supreme Court set a five-person team to probe the accusations on Thursday.
In two months, the committee, which will be led by former judge Abhay M. Sapre, will submit its report.
Mr. Adani tweeted minutes after the verdict that his companies were pleased with the court’s ruling, which he said will “provide resolution in a timely manner.”
“The truth will triumph,” continued Mr. Adani.
The three-judge bench presided over by Chief Justice Dr. DY Chadrachud heard a slew of petitions filed by attorneys and politicians requesting an investigation into the Adani Group after Hindenburg Research accused it of decades of “brazen” stock manipulation and accounting fraud.
On the last hearing, the court refused to accept the federal government’s proposed experts for the committee, citing its desire to “keep full transparency” in the case.
“If we take names from the government, the committee will be created by the government. Thus, we will appoint the committee and its members independently “As Judge Chandrachud stated,
In the past several weeks, more than $100bn (£82bn) has been wiped off the market value of the Adani Group’s enterprises after claims prompted a financial catastrophe in Indian markets.
The organization denounced the charges as nasty and false, labeling them an “attack on India.” However, the answer did not prevent the decline in Adani shares.
The creator, Mr. Adani, has dropped out of the top 10 wealthiest people in the world. Mr. Adani is now ranked fifteenth on the current Forbes list of billionaires, with a net worth of $74.7bn. He ranked third on the list one month ago.
Mr. Adani is seen to be close to Prime Minister Narendra Modi, and opposition leaders have long accused him of profiting from his political links, which he denies.
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