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Would form panel on Hindenburg-Adani row: SC [Read Order]

By LawStreet News Network      19 February, 2023 12:35 AM      0 Comments
Would form panel on Hindenburg-Adani row: SC [Read Order]

NEW DELHI: The Supreme Court on Friday said it would select experts and maintain full transparency, in forming a committee to examine Hindenburg report, which resulted into massive loss to investors due to crashing of Adani group company share prices.

A bench of Chief Justice of India D Y Chandrachud and Justices P S Narasimha and J B Pardiwala did not accept a suggestion by Solicitor General Tushar Mehta to consider the name of experts on behalf of the Union government.

If the court were to take names suggested by the central government then it would amount to a government constituted committee, the bench said.

The bench said the court wanted full transparency for protection of interest of investors and it will form a committee so that there is a sense of confidence in the court.

Mehta, representing the Centre, submitted that there should be a holistic view and no unintended impact is caused in the security market.

The bench also clarified that it would not set up a committee under a sitting apex court judge to look into the Hindenburg report matter.

However, the court said it may set up a committee headed by a retired apex court judge.

“We want to ensure transparency. In case we take your suggestions from a sealed cover, it automatically means the other party won't know,” the bench said, reserving its order in the matter.

A batch of pleas were filed in the court in connection with the Hindenburg report controversy. Advocates Vishal Tiwari and Manohar Lal Sharma sought alleged conspiracy behind the US short seller firm's report. Congress leader Jaya Thakur sought probe into allegations made into the Hindenburg report against Adani group of companies.

[Read Order] 

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