Saturday, March 25th, 2023 23:07:21

Adani-Hindenburg Row: Supreme Court said NO to Centre’s sealed envelope in Adani case

Updated: February 17, 2023 5:17 pm

The Supreme Court will now constitute its own committee in the case related to the ups and downs in the shares of Adani Group. In this case, the government had suggested an expert panel in a sealed cover, which was rejected by the court. The country’s apex court says that the suggestion sent in a closed envelope will not be accepted in this matter as complete transparency is needed in this matter. This ups and downs in the shares of Adani Group is visible after the release of the report of American short seller Hindenburg Research. Hindenburg has accused Adani Group companies of stock manipulation and accounting fraud.

Earlier during the hearing on Monday, the central government told the court that it had no objection to the proposal to set up an expert panel to strengthen the regulatory mechanism for the stock market. According to the government, in view of the larger interest, it would like to give the names of experts and their area of work for the panel in a sealed cover. On behalf of the government, apprehension was raised in the court that any ‘unintentional’ message on the panel could have a negative impact on the cash flow.

Actually, after the report of Hindenburg Research on Adani Group, the stock market is going through an atmosphere of volatility. After this report, the investors of the stock market have suffered a loss of several lakh crores. Four separate petitions have been filed in the Supreme Court regarding this episode. These 4 petitioners are advocates ML Sharma, Vishal Tiwari, Congress leaders Jaya Thakur and Mukesh Kumar.

Mainly hearing Vishal Tiwari and ML Sharma, the Supreme Court asked many questions to SEBI and the government. Along with this, a suggestion was also given for an expert panel. It is noteworthy that Solicitor General Tushar Mehta is presenting the case on behalf of the Central Government and SEBI.

During the hearing on Friday, Chief Justice DY Chandrachud told Solicitor General Tushar Mehta, ‘We do not want any sealed cover. We want complete transparency… If we accept these suggestions, it will be seen as a government appointed committee, which we do not want. Leave the decision to us.’

Posted By Uday India

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