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SC to give ruling on formation of committee in Adani-Hindenburg case today
Adani
Image Credit: wikipedia.org

SC to give ruling on formation of committee in Adani-Hindenburg case today

| @indiablooms | 02 Mar 2023, 05:54 am

New Delhi/UNI: The Supreme Court will announce its verdict on Thursday regarding the appointment of a committee to investigate the Adani-Hindenburg controversy.

A three-judge bench of the Supreme Court, headed by the Chief Justice of India (CJI) Dr Dhananjaya Yeshwant Chadrachud, and also comprising Justices P S Narasimha and J B Pardiwa, had reserved its verdict on the constitution of the panel.

The Supreme Court had in its order on February 17, said that it would not accept the sealed cover names of experts suggested by the Union government for inclusion in the committee to be set up to examine US short-seller Hindenburg's report on the Adani report that led to meltdown of the Indian conglomerate's shares, noting that "We want to maintain full transparency" in the case.

"We will select the experts and maintain full transparency. If we take names from the government, it would amount to a government constituted committee. There has to be full (public) confidence in the committee," the bench had said.

The Supreme Court also observed that it wanted to maintain full transparency, it may result in people thhinking it is a government-appointed panel.

"If we accept suggestions we should disclose it to the other side so that there is transparency. So we will appoint the committee and appoint members on our own," the Supreme Court had said.

The top court also refused to accept SEBIs suggestions for the appointment of an expert committee to examine changes required in the regulatory framework, and said that it will appoint the same itself to maintain “fullest transparency for protection of investors.”

"We do not want to put out names since it may affect them. We don't want names and we will do our own work but we can," the Supreme Court had said, in its order.

Advocate Vishal Tiwari, one of the petitioners, said that we want this entire thing to be probed and a high-powered committee to look into it, what is happening in corporate bodies.

"Fair, unbiased and credible investigation is required in this case," lawyer for one of the petitioners, had told the Supreme Court.

Advocate Prashant Bhushan, for another petitioner, said: "We demand a SIT probe into the adani group case and also a probe into the role of banks."

"Hindenburg Research report shows that many offshore companies were owned by brother of the promoter of adani group.. percentage of shares held in Adani group exceeded the max laid down as 75% by SEBI and offshore funds were being manipulated to increase share price," Bhushan had told the Supreme Court.

Bhushan said that we seek to know the source of funds by the shell companies which the report shows.

The Supreme Court heard a number of petitions filed by lawyer duo -- Manohar Lal Sharma and Vishal Tiwari -- and Congress leader and Member of Parliament (MP) Dr Jaya Thakur, seeking a direction for investigation against Adani Group in the light of the Hindenburg report.

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