Flame university, Private university in Lavale, Pune, India

New Delhi [India], July 12 : The Supreme Court on Tuesday adjourned the hearing on various petitions pertaining to the Hindenburg Research’s report on Adani Group. A bench headed by Chief Justice of India DY Chandrachud adjourned the hearing observing that SEBI has filed a response to the report to the expert committee yesterday and but was not circulated. The apex court asked the financial market regulator SEBI to circulate the court-appointed committee’s report. Solicitor General Tushar Mehta apprised the apex court about receiving of the report of the expert committee and SEBI response to the expert committee report. He said that SEBI report was filed late yesterday and therefore it was placed before the bench. The Supreme Court has earlier gave three more months till August 14, 2023, to Securities and Exchange Board of India (SEBI) to conduct probe into the Hindenburg’s allegations. On March 2, the apex court directed the capital market regulator SEBI to investigate any violations of securities law by the Adani Group in the wake of the Hindenburg report, which led to a massive wipeout of more than USD140 billion of the Adani Group's market value. The January 24 Hindenburg report alleged stock manipulation and fraud by the conglomerate. Supreme Court, on March 2, set up an expert committee on the issue arising from the Hindenburg Research report on Adani Group companies. The committee consisted of six members, headed by former apex court judge Justice AM Sapre. The top court had then asked SEBI to file a status report within two months.The apex court was then hearing petitions pertaining to the Hindenburg report, including on the constitution of a committee relating to regulatory mechanisms to protect investors' interests. On Monday, SEBI has placed on record before the Supreme Court the recommendations given by the top-court appointed expert committee to look into the issue relating to Hindenburg report. SEBI, in its application, apprised the top court about the recommendations made by the top-court appointed expert committee which suggested violations of securities laws demand prompt action so as to limit the negative impact on the securities market. SEBI said that the expert committee recommends Robust Settlement Policy and put in place a coherent policy on settlement of proceedings whereby financial injury commensurate with the alleged violation may be inflicted on the party and resources need not be expended where a settlement is possible. SEBI urged the SC to pass an appropriate order taking into consideration the views/ observations of SEBI on the Report of the Expert Committee. The Supreme Court-appointed expert committee has earlier filed its report relating to Hindenburg matter and informed the Supreme Court that at this stage, taking into account the explanations provided by SEBI, supported by empirical data, prima facie, it would not be possible for the Committee to conclude that there has been a regulatory failure around the allegation of price manipulation. The committee, in its report, said that its remit is not to examine whether the price rise was justified, whereas its remit is to ascertain if there was a regulatory failure.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Flame UniversityFOLLOW

Flame university, Latest News

New Delhi [India], July 12 : The Directorate General of Civil Aviation (DGCA) has put SpiceJet Airlines under enhanced ... ...

New Delhi (India), July 12: Ebina Entertainment, a film production company, recently had the honor of meeting the Honorable ... ...

PRNewswire Chennai (Tamil Nadu) [India], July 12: RiskSpan, a leading technology company and the most comprehensive source for data ... ...

SRV Media New Delhi [India], July 12: Bhaskar Puranpoli Ghar, renowned for its delectable variety of puranpoli, recently inaugurated ... ...

New Delhi [India], July 12 : Indian stock indices rose Wednesday, though marginally, and continued with its ongoing bull ... ...

Roseau (Dominica), July 11 India skipper Rohit Sharma on Tuesday confirmed that young Yashasvi Jaiswal will make his ... ...

London, July 11 India's Rohan Bopanna and Matthew Ebden stormed into the quarterfinals of the men's doubles at ... ...

New Delhi [India], July 12 : The Supreme Court on Tuesday adjourned the hearing on various petitions pertaining to ... ...