The Supreme Court on Monday, in the Adani-Hindenburg matter, refused to take on record the suggestion of one of the petitioners and a report published by Forbes about share dealings of the Gautam Adani group. A bench comprising Chief Justice DY Chandrachud and Justices PS Narasimha and JB Pardiwala turned down the request by the lawyer appearing for one of the petitioners.
Earlier, on February 17, a bench led by Chief Justice of India had reserved orders on constituting a committee to review the regulatory measures to protect Indian investors. s
An advocate for one of the petitioners requested the bench to take on record the Forbes report, saying it was published subsequently. “No no we will not take it on record”, the bench said. On February 10, the apex court had said the interests of Indian investors need to be protected against market volatility. The statement had come in the backdrop of the fall in Adani Group shares and it had asked the Centre to consider setting up a panel of domain experts to strengthen the regulatory mechanism.
Adani’s net worth drops below $50 billion
Amidst all that is happening, billionaire Gautam Adani’s net worth dropped below $50 billion on Monday, according to latest data on the Bloomberg Billionaires Index. His total fortune now stands at $49.1 billion. The 60-year-old industrialist’s net worth stood at around $120 billion just about a month back, propelling him to the spot of the world’s third richest person. However, a report on the Adani Group by a small US short seller, Hindenburg Research, hit Adani’s fortunes immensely.
The market valuation of Adani Group’s listed companies fell drastically. Notably, seven main Adani Group firms have lost a combined market valuation of $120 billion till date. The report has made investors and financial institutions wary, resulting in a sharp fall in share prices of its listed companies. However, Adani has denied all claims made in the report.
(With inputs from agencies)
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