Supreme Court
Adani-Hindenburg: The Top Court on Friday refused to accept in a sealed cover the Centre’s suggestion on a proposed panel of experts for strengthening regulatory measures for the stock market on Friday, February 17, 2023.
The bench said that it would rather not accept the Centre’s suggestions in a sealed cover, in a bid to ensure transparency.
Supreme Court had said the interests of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stock rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look into strengthening the regulatory mechanism.
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The Supreme Court has reserved its order on setting up a panel of domain experts for strengthening regulatory measures for stock exchanges.
“We want to ensure transparency in the interests of investors”, the bench comprising Chief Justice DY Chandrachud and Justices P S Narasimha and J B Pardiwala asserted.
“We don’t want sealed cover suggestions. Even if we don’t accept your suggestions, the other side will have the impression that we accepted the government-adopted committee. I want to have complete transparency. We will appoint our own committee and a sense of trust should be there,” said CJI Chandrachud.
The Supreme Court has also clarified that sitting judges can hear matters. “They will not be part of the committee,” the Chief Justice said.
Gautam Adani has seen shares in its seven companies lose more than $100 billion in market value since the January 24, 2023 report by Hindenburg Research.
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