The Supreme Court’s decision to replace a Joint Parliamentary Committee (JPC) with setting up a ‘Specialised Committee’ to investigate the allegations of Hindenburg Research against the Adani Group is welcome. This is to say of senior advocate Harish Salve.
Salve said in an interview to NDTV that ‘Justice Sapre will bring his experience to this committee, he has been a commercial lawyer. He has also been in SAT (Securities Appellate Tribunal). Similarly, Somasekaran is Sundaresan, he understands the subject. He understands this law better than many other lawyers, he can teach me this law, he is so good.
The Supreme Court has ordered to form a committee of 6 members in this matter, which will be headed by retired judge Abhay Manohar Sapre. Other members of this committee include OP Bhatt, KV Kamat, Nandan Nilekani, Somashekhar Sundaresan and retired Justice JP Deodhar.
The Supreme Court has ordered the market regulator SEBI to speed up its investigation in this matter and submit the status report within two months.
Harish Salve said that it is very important (investigation is time bound) because the confidence of the investors has been shaken. “Today, whether true or false, such incidents of market volatility have damaged investor sentiment and to recover it, we need to quickly know what really happened,” he said. ‘
The demand for setting up a Joint Parliamentary Committee is ‘only to embarrass the government’
Harish Salve, Senior Advocate, Supreme Court
Salve said that ‘these people (expert panel) will see what is happening in the market and what actually happened, and then you will have a report. And when you will feel in the report that yes there has been some political cover-up, then you will demand action in Parliament, debate in Parliament, demand joint parliamentary.
Due to the allegations of Hindenburg Research on Adani Group, 100 billion dollars have been cleared from the shares of its listed companies. Hindenburg had made serious allegations of fraud and manipulation of share prices on Adani Group. From the very beginning, Adani Group has been telling these allegations as false and an act done to target the FPO of Adani Enterprises. Later the FPO of Adani Enterprises was withdrawn keeping in view the interests of the investors.
But in the last few days, there has been a strong boom in the shares of Adani Group, shares of all the companies of the group, from Adani Enterprises to Adani Port, closed with a good growth on Friday.
