India’s Supreme Court today ordered an expert committee to investigate any regulatory failures related to the country’s second-largest conglomerate, the Adani Group. The investigation was prompted by allegations made by U.S. short-seller Hindenburg Research in a report that accused Adani companies of engaging in market manipulation and other fraudulent practices. Shares in the group’s flagship, Adani Enterprises, and other affiliated companies have lost tens of billions of dollars in market value since Hindenburg issued its report. The Adani Group has denied any wrongdoing, defending itself against the allegations in a 413 page rebuttal. In a tweet Thursday, it welcomed the court order. ``It will bring finality in a time-bound manner. Trust will prevail,” the company said. The expert committee will submit its findings to the Supreme Court within two months, said Chief Justice D.Y. Chandrachud and justices P.S. Narasimha and J.B. Pardiwala. The top court also directed the government-run Securities and Exchange Board of India to investigate whether there had been a violation of rules or manipulation of stock prices by the Adani Group. The court acted on petitions filed by some activists and lawyers. Apart from investigating allegations against Adani, the expert committee is to suggest measures to improve regulatory oversight and protections for investors. Adani Enterprises canceled a share offering meant to raise $2.5 billion last month after Hindenburg issued its report and its share price plummeted. Opposition lawmakers blocked parliamentary proceedings last month demanding a probe into the business dealings of coal tycoon Gautam Adani, who is said to enjoy close ties with Prime Minister Narendra Modi.  

Director General (DG) of the Directorate of the National Consumer Rights Protection (DNCRP) AHM Shafiquzzaman on Thursday said that his group is conducting drives to protect consumers from market manipulation. “But, the biggest weakness of the DNCRP is lack of proper data and information. There is no legal source of data for this organization. There is also no scope for scrutinizing the available information received from the consumers and personal sources,” he said. Shafiquzzaman said was addressing a seminar on ‘The Consumer Rights Protection Act-2009 and the Role of Media’ jointly organized by the DNCRP and the Economic Reporters’ Forum (ERF) held at the ERF auditorium in the capital’s Paltan area. Read: 4 districts get new DCs He also informed that the Directorate has decided to work jointly with the intelligence and law enforcement agencies to protect the rights of the consumers. Both electronic and print media can play an important role in creating awareness regarding the consumers’ rights among the mass people, Shafiquzzaman said. The DG said after being cheated time and again, the consumers now have reached such a level where they even could not perceive that their rights are being violated.