India's top court asked the market regulator to investigate any possible lapses in securities law or other regulatory disclosures by the Adani group that has been hit by allegations of business malpractice by a U.S. short seller
It also had identified numerous "undisclosed related party transactions" by both listed and private Adani companies.The Supreme Court ruling was announced by a three-judge bench, headed by Chief Justice of India D. Y. Chandrachud, which heard several public-interest litigations on losses investors have suffered."It will bring finality in a timebound manner. Truth will prevail," he said in a post on Twitter.
The court also formed a panel to be headed by a retired Supreme Court judge to examine how investor protection mechanisms can be strengthened. The six-member panel, which is due to report back within two months, will include former chairman of State Bank of India O.P. Bhatt and prominent banker K.V. Kamath.
Adani has sought to calm investors and this week held a fixed-income roadshow in Singapore and Hong Kong. The group, according to sources, has told creditors it has secured a $3 billion loan from a sovereign wealth fund. Reporting by Arpan Chaturvedi in New Delhi and Nallur Sethuraman in Bengaluru; editing by Muralikumar Anantharaman and Jason Neely
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