The Supreme Court today said it will set up a six-member panel to look into regulatory mechanisms to protect investors' interest after a report by a US short seller on the Adani conglomerate led to large investor losses. The shares of Adani group firms nosedived last month after the short seller Hindenburg Research alleged a massive financial fraud. The Adani group strongly denied the allegation and called Hindenburg's report a "calculated attack" on India, its institutions and growth story. "It's an excellent decision. The committee meets all the standards that any committee could have met. It has people with high international credentials. The Supreme Court couldn't have chosen a better committee," said Raian Karanjawala, Managing Partner, Karanjawala and Co. law firm. "The Supreme Court hasn't stopped the SEBI probe will continue. (Raian Karanjawala represents the Adani group in several other cases. Adani group has been Raian Karanjawala's client.)
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