Adani has been threatening legal action against Hindenburg Research over its report accusing the conglomerate of fraud for weeks. But the Adani vs Hindenburg saga has finally entered the Supreme Court through pleas by Vishal Tiwari and ML Sharma, demanding a government probe into the report. Remarking that middle class people also invest in stocks other than the wealthy, India's Chief Justice DY Chandrachud has suggested a panel to investigate the matter.
The apex court was hearing the petition asking for retired SC judge to lead a committee for looking into the Hindenburg report. CJI Chandrachud acknowledged that investors lost lakhs of crores because of the Hindenburg effect on Adani stocks. He asked the Solicitor General to discuss the possibility of a panel with a former judge with the Finance Ministry and the securities and exchange board of India (SEBI).
While the market regulator SEBI told the SC that it is on top of the matter, the court has asked for a reply from the Solicitor General by Monday.
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