17 Feb , 2023 By : Monika Singh
The Supreme Court on Friday refused to accept in a “sealed cover” Centre’s suggestion of experts’ names for inclusion in the committee to be set up to probe the Adani-Hindenburg issue, reported The Indian Express.
A bench led by Chief Justice DY Chandrachud and comprising Justices P S Narasimha and J B Pardiwala said that top court would select the experts on its own and not take suggestions from the government or petitioners to maintain full transparency in the interest of investors.
We will not accept the sealed cover suggestion by you because we want to maintain full transparency,” the bench said.
The apex court also reserved its order on the appointment of a committee to probe matter.
Centre, on Monday, had agreed to the Supreme Court’s proposal to set up a panel of experts to look into strengthening the regulatory mechanisms for the stock market, following share price crash in the Adani Group stocks.
This happened after a US-based short-seller media firm Hindenburg Research accused the ports-to-media conglomerate of “stock manipulation” and fraud.
The SC, while hearing two pleas, had said that it was “thinking aloud” on whether a committee of experts could be put in place to suggest possible improvements to the regulatory mechanism. The Centre and Securities and Exchange Board of India (SEBI) said that it had no objection to the apex court’s suggestion for constituting an expert committee to look into the allegations.
However, Solicitor General Tushar Mehta, representing the Centre, had sought that the top court could permit the government to suggest the remit of that committee with possible suggestions of names in a sealed cover, as it may not be appropriate to discuss in open court hearing.
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