The corporate dispute of Adani has not come to an end ever since the Hindenburg report has come out. The report has already made a claim against the company for committing different frauds and also not complying with the law of the country. In order to investigate the entire case the supreme court even formed a panel to discuss the way in which the price of the stocks of the company was manipulated to touch the all time high. But this specific panel has not found any conclusive answer to the questions but on the other hand has complicated the entire situation by finding out more loopholes in the entire way in which the company functions. The committee has decided to understand different types of decisions that have been taken by the board of directors of the company and the impact of such decisions on the price of the stock. This particular panel has also decided to form a new committee which will be led by a retired judge of the supreme court and guided by different types of experts of company law.
The entire matter has been kept open for consideration and it will be interesting to witness the upcoming course of action. After scrutinising the entire because of the transaction the committee has found a lot of transactions that would be committed with the related parties and these transactions have not even been disclosed according to the long made by the security and exchange Board of India. The committee has also found the failure of the security and exchange Board of India to take a tough stand against the actions of the company which were completely against the law. The investigation and enquiry which was undertaken by the securities and exchange Board of India was not up to the mark and it failed to dig deeper into the matter. The enforcement directorate along with the officers of the Central Board of direct taxes have also been ordered to submit their responses by the end of June 2023 so that all the actions can take place in the minimum amount of time.
But all of these proceedings cannot be carried in the public domain because this would be a violation of law. . The government wants to also scrutinise the buying and selling of the security by the company so as to understand the way by which all of these transactions try to Destabilise the Indian securities market. Even the income tax department has been ordered to produce all of the reports and other types of evidence which are under its control. The complications do not seem to end for the time being and now it is for the government to take a tough decision so that all of these corporate frauds can come to an end and the confidence of the investors in the Indian companies increase over the period of time.