Supreme Court takes in view drastic effects of Hindenburg report on shares of Adani group companies and Indian stock markets, directs Government of India to formulate a committee on whether the regulatory framework needs modification to protect Indian investors from incidents in future
Taking in view the crashing of Indian stock markets following a report by the US-based short selling firm Hindenburg Research affecting the share prices of Adani group, the Supreme Court on Friday directed the Union Government and the Securities and Exchange Board of India (SEBI) to suggest ways for improving the regulatory mechanism for the protection of Indian investors
The Securities Appellate Tribunal, Mumbai has directed Sahara India Commercial Corporation Ltd (SICCL), Kolkata, and Sahara India, Aliganj, Lucknow to deposit a sum of Rs 2000 crores before the Securities and Exchange Board of India (SEBI) with regard to the issuance of Optionally Fully Convertible Debentures (OFCDs) including the application money collected from investors pending allotment of securities along with interest of 15% per annum.
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