A committee formed by the Supreme Court of India to oversee the investigations into the Adani Group said that India’s market regulator SEBI had not found anything on alleged violations by the group’s overseas entities.
The expert committee however said that there was evidence of a build-up in short positions on Adani Group stocks ahead of the report the US based short seller Hindenburg Group.
It was however not possible to conclude whether there has been regulatory failure regarding price manipulations, the committee also said in its report.
The court had formed the panel to examine the regulatory framework and allegations that were levelled against billionaire Gautam Adani.
In January US-based short-seller Hindenburg Group raised several governance concerns about the Adani Group. It alleged improper user of tax havens and stock manipulation by the ports-to-energy conglomerate. The group has however denied all allegations.
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