SC panel on Adani-Hindenburg submits report

The six-member panel constituted by the Supreme Court in March in the Adani-Hindenburg case has submitted the report in a sealed cover, according to a report in The Economic Times. The apex court is expected to take it up on May 12. It is not yet clear whether the expert panel has sought any extension or submitted the final report.

The top court had directed the capital market regulator Sebi to investigate any violations of securties law by the Adani Group in the wake of the Hindenburg report.

It also ordered for the setting up of a six-member committee headed by former apex court judge Justice A M Sapre for the assessment of the extant regulatory framework. Recently, Sebi sought an extension from the apex court for another six months for completing its probe in the allegations levelled against Adani Group.

Both the panels were expected to submit their report within two months. SEBI was to file a status report on May 2 but on Saturday it made an application seeking extension.

Meanwhile, three Adani Group companies, including Adani Green Energy Ltd., have lost their endorsement from the world’s leading arbiter of corporate green goals, a blow to the industrial conglomerate’s attempt to reposition itself as a leader of India’s energy transition. The three companies were removed in late April from the list of “companies taking action” published by the Science Based Targets initiative. The UN-backed group helps companies establish concrete plans to reduce emissions consistent with the Paris Agreement’s target on limiting global warming.