Adani-Hindenburg tussle: Centre agrees to SC proposal to appoint committee

The Centre on Monday agreed to the Supreme Court's proposal of setting up a committee to suggest how to ensure investors are protected in the future and said that market regulator Securities and Exchange Board of India (Sebi) is competent to deal with the situation in Hindenburg-Adani case.

The apex court bench headed by Chief Justice DY Chandrachud asked the Centre to apprise it about the remit of the committee on Friday. The Centre, however, said that wanted to give the names of the domain experts for the proposed committee and the scope of its mandate in a sealed cover in the larger interest, the PTI reported.

Solicitor General Tushar Mehta, representing the Centre and Sebi, told the court that the market regulator and other statutory bodies are equipped to deal with the upheaval caused in the Indian conglomerate triggered by a short-seller Hindenberg's report.

Since the release of the US short-seller report on Adani Group, its seven listed stocks have lost about $120 billion in market value since January 24. The Hindenburg Research has accused the billionaire Gautam Adani-led group of improper use of offshore tax havens and stock manipulation.

Following the Adani stocks rout in the market after the Hindenberg report, on February 10, the Supreme court said that there was a need to protect Indian investors against market volatility and had asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanisms.